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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.
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