The evolving world of AdviceTech


An adviser’s success can hinge on the technology they use to support themselves and their team, but with the technology sector’s breackneck pace of evolution, keeping track of the strengths and weaknesses of available offerings can be difficult, writes Netwealth’s Matt Heine.

Understanding and implementing AdviceTech is arguably as important as hiring the right staff or finding the right referral partners.  But with the rapid rate of new technologies, it is sometimes difficult for the advice community to keep up.

For this reason, Netwealth is conducting its second AdviceTech survey, where we examine over 26 categories used by advice businesses. To complete the survey, click here.

In this report, we identify current and future adoption rates to help you benchmark your business’ “tech adoption”. Within each technology category, we’ll also highlight which tech providers are most widely used, providing you with practical insights to help you on your AdviceTech journey.

Last year, we found:

  • 43 per cent of advisers use cash flow and budgeting tools, 52 per cent use virtual online meeting tools, and 35 per cent had adopted managed accounts in their business;
  • Alarmingly, 30 per cent of advisers rarely or never update their website;
  • Only 3 per cent of advisers had adopted robo-investment technology; and
  • When it came to looking towards the future of advice, over a third of advisers identified managed accounts (38 per cent), robo-advice (38 per cent) and scaled advice (37 per cent) as the technologies set to make the biggest impact within the industry over the next five years.

This year, we’ve added a few new technologies to the survey, as we look to keep you on top of emerging trends and the latest business solutions. These include an investigation of digital advertising tools, and a deep-dive into managed accounts, scaled advice, and cash flow and budgeting tools.

Could it be that we will see a shift in this year’s results? With so much media focus on cryptocurrencies, could that top the list of most disruptive technologies in the next five years? Perhaps advisers are more familiar with robo-advice and have incorporated it into their current advice model? Will RegTech become more mainstream?

Netwealth and ifa invite you to be an early recipient of the report by completing the 2018 AdviceTech survey here.

Complete the survey and receive early access  >

We are excited to learn how the AdviceTech landscape has evolved over the past 12 months, and we look forward to sharing our findings with you.

Matt Heine is the joint managing director of financial technology company Netwealth.


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