SEARCH
Take-up of AdviceTech booming among firms
Take-up of AdviceTech booming among firms
Around 85 per cent of advice firms plan to invest more on advice and financial planning AdviceTech this financial year, according to a new report.
This contrasts with last year, when only 71 per cent of advice businesses planned on investing in AdviceTech, according to Netwealth's AdviceTech Research Report.
One in three (33.6 per cent) advisers currently use online self-service tools to capture client (or prospect) information, while an addition 44.6 per cent plan to in the next 24 months.
Close to one in four (22.9 per cent) of advice firms currently use scaled advice tools, up from 13.1 per cent in 2018. In addition, close to half (47.3 per cent) plan to use scaled advice tools in the next 24 months, up significantly from 22.3 per cent in 2018.
The report also found that the use of cashflow, budgeting and account aggregation tools for client advice is set to rise in the short to medium term. Close to two in five (37.2 per cent) of advice practices use cashflow, budgeting and account aggregation tools for client advice and more than one in three (34.8 per cent) plan to in the next 24 months, up from 19.7 per cent in 2018.
The use of managed accounts among advisers is also slightly higher than last year, with 43.5 per cent saying they use the solution in 2019 compared to 39.3 per cent in 2018, while close to one in six (15.2 per cent) advisers plan to use managed accounts in the next 12 to 24 months.
However, while most (72.6 per cent) of advisers use investment research tools and AdviceTech for investment selection, this is down from 78 per cent in 2018.
The research was conducted by CoreData on behalf of Netwealth, with data collected between 18 February 2019 and 15 March 2019.
There were 336 valid complete responses which formed the basis of the analysis, and results have been compared to 2017 and 2018 results where applicable.
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
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- 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
- Broker Daily Business 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
- 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
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
