SEARCH
Industry constrained by low tech uptake: Netwealth
Industry constrained by low tech uptake: Netwealth
Financial advisers are slow adoption of new technologies is stifling the industry's ability to innovate and become more efficient, according to Netwealth.
Speaking at IMAP's InvestTech 2017 conference in Sydney, Netwealth joint managing director Matt Heine said the financial advice process was currently very inconvenient for both clients and advisers.
"When you think about advice, advice has friction the whole way through it," he said.
"The whole process is friction, there's actually nothing about the advice process that's smooth, and that really starts to accumulate around client strategy, client management and investment execution."
Conducting a fact-find is one example of this, Mr Heine said, noting it's presently "the most cumbersome part" of the process despite being the first interaction and adviser has with a client.
"It's the first piece of experience that our clients have with us as an adviser, and it's horrible," he said.
Mr Heine said there are already a number of technology offerings that can make this and other processes considerably faster and smoother for both parties, but "no-one's actually adopting them".
"I think the biggest thing holding the industry back is actually the people in the industry, and we can keep trying and keep pushing these ideas but if people aren't willing to try new things and adopt, then we're going to get left behind," Mr Heine said.
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Center
- Investor Daily
- Lawyers Weekly
- Money Management
- Mortgage Business
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- Which Investment Property
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- Mortgage Business Awards
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- The Adviser Podcast Network
- Australian Aviation Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- Mortgage Business Podcast Network
- REB Podcast Network
- Relative Return
- The Smart Property Investment Show
- Space Connect Podcast
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
