2018 Netwealth AdviceTech report

In this report we examine the twenty-six technologies used by advisers in their practice – their adoption, benefits and key suppliers.

Download the 2018 AdviceTech report

Overview

About the report

The second Netwealth AdviceTech research report shines a spotlight on the technological future of the Australian advice industry and the fundamental role of the customer experience. This report shares our survey findings and also provides tools to navigate endless technology solutions. This report is designed in three sections:

Section 1: Keeping up and getting ahead

Understand the technologies gaining industry traction and benchmark your business against your peers using usage and adoption rates across 26 AdviceTech categories.

Section 2: An eye on the horizon

Use a simple tool to prioritise AdviceTech using a popular framework called Three Horizons.

Section 3: AdviceTech glossary

A glossary of all 26 AdviceTech categories covered in the survey including features, benefits and main suppliers.

 

Download the 2018 AdviceTech report

Hear from industry leaders

A deep dive into AdviceTech with industry leaders

In these short videos and podcasts, industry leaders explore latest trends in AdviceTech, business models, changing demographic patterns and the overall industry. They discuss the practical implications of AdviceTech plus share insights into the AdviceTech businesses they work in, how this technology benefits both financial advisers and their clients alike, and where the future of this technology is heading.

Artificial intelligence (AI) can help remove some of the manual work for advisers, such as document generation, says Joel Robbie, Founder and CEO of Nod. Nod is an AI platform which writes advice documents for financial planners and accountants in real time, in their own language and style.

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Cash flow and budgeting tools can expand your business proposition by providing you with a new value-add. Peter Malekas, Managing Director of Moneysoft, an online financial management software, provides you with key considerations when implementing this technology.

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Some clients may be after advice limited in scope, rather than comprehensive advice - and this is where scaled advice can assist. Julian Plummer, Managing Director of Midwinter Financial Services explains how scaled advice can complement advice service offerings.

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Consumer feedback can help advisers make strategic business decisions to improve their offering. Learn how your business can implement review tools form Angus Woods, Managing Director of Adviser Ratings, an online review platform dedicated to the financial advice industry.

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Jason Winderbaum, from Sanlam Global Investments discusses how fund managers are taking advantage of AI to manage portfolio performance, and how it differs to a quant manager. Sanlam is a financial services company soon to launch an AI managed fund in Australia.

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RegTech enables advisers to meet their compliance obligations quickly and efficiently, freeing them up to focus on meeting with clients and developing advice strategies. Hear more from Samantha Clarke, CEO and Co-Founder, Advice RegTech.

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Articles

Offering frictionless advice with AdviceTech

Frictionless advice is about making advice a seamless experience, a prevailing expectation of consumers thanks to the likes of leading customer experience businesses such as Airbnb and Google. Removing friction in your business leads to greater customer satisfaction, more advocacy and less risk of disruption. These articles explore the many technologies that can assist in removing friction in your practice across varying touch points of the customer journey.

Frictionless advice in the future

Your customers expect the same frictionless experiences they get from companies like Amazon and Netflix.

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Platforms - the original fintech

Platforms continue to evolve as specialist providers gain a bigger slice of the pie. Understand the trends shaping the industry.

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Why advice businesses shouldn’t be afraid of AI

Artificial intelligence technology combined with a human touch may just be a turning point for advice businesses.

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Scale up your practice with scaled advice

Discover the many benefits of scaled advice and how it can assist in keeping clients in your ecosystem.

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How client feedback can change your advice business for the better

When was the last time you booked a restaurant without viewing online reviews? Learn about the power of online reviews.

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How cash flow and budgeting tech can boost your business

Can this technology be the key to engaging your customers with their everyday finances?

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RegTech: Enabling better compliance, faster

RegTech is looking to to revolutionise compliance. Samantha Clarke CEO of Advice RegTech discusses how close we are?

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Glossary of advice technologies

26 adviser technologies - a detailed look at key features, benefits and major suppliers.

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American AdviceTech

Lessons from the US

In May 2018, Netwealth, in partnership with Adviser Innovation, hosted a delegation of financial services leaders to New York to learn from their American counterparts. In this report we highlight the key themes of the tour and bring you content from some of the world's most sought after speakers on fintech, innovation, practice management and leadership.

Resources

AdviceTech landscape

Your guide to AdviceTech suppliers across 26 categories.

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AdviceTech glossary

Features, benefits and main suppliers of 26 AdviceTech categories

Read glossary

Have any questions for us?

We would love an opportunity to chat. You can contact us on 1800 888 223, or email us at contact@netwealth.com.au

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