Netwealth 2020 AdviceTech Report

Discover how the star advice firms use AdviceTech in their business and for their clients.

Welcome to the Netwealth 2020 AdviceTech Report - a research report designed for the Australian advice industry and technology companies that support it.

The range and sophistication of AdviceTech available to financial advice practices to support business efficiency and deliver a better client experience continues to expand.

In the fourth Netwealth AdviceTech Report we explore how leading businesses approach the task of planning and investing in AdviceTech to support their activities. Specifically, we consider:

  • Why AdviceTech Stars are so successful - How the best advice firms use AdviceTech to improve their businesses, improve client engagement and deliver better advice is different from the rest. Learning how AdviceTech Stars do this provides a roadmap to help all advice business owners make good decisions on how to improve the health of their business and the advice they provide to clients.
  • AdviceTech's role in removing friction and delivering exceptional client experiences - As more and more consumer behaviours shift online, the yardstick by which financial advisers are judged has shifted to leading digital businesses such as Amazon and Apple. The best users of AdviceTech understand this and aim to provide an experience to parallel the very best. How they do that reveals a lot about how advice businesses can revolutionise their clients’ experiences.
  • How AdviceTech supports a remote and distributed workforce - The COVID-19 pandemic has put a spotlight on how well businesses are able to cope with employees working remotely, while minimising disruption to client services and maintaining business-as-usual operations. Explore how the best prepared advice firms were set up to deal with disruption even before the pandemic began.
  • Capitalising on new revenue streams and opportunities - Successful businesses are adaptable, flexible and nimble and always on the lookout for new opportunities. Examining where leading advice practices plan to invest, and the areas of businesses they expect AdviceTech to have the greatest impact, reveals new business opportunities and revenue streams for us all. AdviceTech enables new pricing models and enhanced service propositions, and the implementation of next-gen tech, such as big data and artificial intelligence, underpins business expansion and new opportunities.

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