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Financial advice technology 'too passive'

Financial advice technology 'too passive'

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By Killian Plastow ·
October 17 2016

Financial advice technology 'too passive'

Existing advice technology services focus too heavily on servicing existing clients and advisers need to become more active in the delivery of websites and technology to reach a broader market, according to IT firm Your Technology Made Lite.

Speaking at the recent Association of Financial Advisers (AFA) conference in Canberra, Your Technology Made Lite chief executive Kevin Liao said current technology solutions typically target existing clients rather than appeal to new ones.

"While technological innovation is alive and well in the advice industry, many of the new technologies are focused on more efficiently servicing the 20 per cent of Australians who already get advice, rather than on helping advisers reach the 80 per cent of people who do not," Mr Liao said.

"It probably sounds a little strange coming from a technology provider, but while there are a crazy number of fancy, cool, new technologies out there such as robo-advice and digital advice, the reality is all these technologies are relatively passive."


Mr Liao used search engine marketing as an example, describing it as "a blind sell with typically low return" that often generates invalid leads. He said that "by partnering with technology and websites, advisers can seek proactive opportunities to spread the word about financial advice".

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