Netwealth's 2021 AdviceTech Report

Discover how AdviceTech plays an important role in enhancing the client experience.

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2021 AdviceTech Report - Trends in Client Experience

Since our last AdviceTech report we have seen wealth professionals embrace customer engagement AdviceTech at an unprecedented pace. Digitising the customer experience is no longer a nice to have, it's become a non-negotiable aspect to the way advice firms interact with their clients.

In the fifth year of Netwealth’s AdviceTech Report, the research explores six major opportunities and crucial technology trends that advice firms need to consider. In this year's report we examine why crafting a true digital client experience is not just about using technology to replace what has always been done, but rather, how technologies can be used to innovate and evolve the customer experience going forward.

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2021 AdviceTech Suppliers Guide

In this year’s report we cover more than 26 “AdviceTech” technologies, and for the first time we investigate technologies used for content marketing, tools used for client education and off-platform asset management. There are more than 126 suppliers mentioned by advice firms as being used across these categories.

As in previous years, we have created a useful resource for advice firms to analyse key suppliers, important features, their benefits, as well as the current and intended use amongst advice firms, to help you plan your future AdviceTech strategy.

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A digital experience is more than a Zoom meeting

AdviceTech has done an adequate job of replicating and replacing current client-adviser interactions with more modern-day approaches, such as the explosion in online meetings. But there is an opportunity to do more.  This trend examines the opportunities that AdviceTech provides to improve customer engagement and experience beyond replication to true digital reinvention.  In this section we pay particular attention to the role of client portals.

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Client data as the core of your AdviceTech stack

In today's device and internet driven world, we switch seamlessly between software and between devices, often without consciously registering that we’re doing so.  Our digital footprint leaves a trail of data behind, and that data tells a story about us.  Advice firms have an opportunity to collect and leverage this data to create new services and deliver improved client and business outcomes.  We consider what client data should be collected and how to create a client data strategy, including the role of cybersecurity and privacy. 

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Portfolio construction at scale with managed accounts

For many advice firms the benefits of managed accounts have largely evolved around improvements in back-office efficiency and access to specialist managers and consultants.  However, there is a growing consensus that managed accounts improve the customer experience as well.  We unpack the client benefits that scalable portfolio management technology can deliver with a focus on how they produce a consistent and reliable investment experience for clients. 

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Don’t let the finfluencers eat your lunch - educate clients with content marketing

Content marketing is one of the most effective techniques in acquiring new clients and improving client advocacy. We explore the content marketing techniques of advice firms, reflecting on the different types of content available and the ways in which content is being promoted through vehicles such as social media. 

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The Emerging Affluent - an important group of millennials

Unlike Baby Boomers, the Emerging Affluent are younger, typically Gen Y individuals with an average of 37 years. They are digital natives with higher-than-average incomes, household wealth that is growing, a solid understanding of financial concepts and a strong appetite for investing. They are also the group set to inherit significant wealth from their Baby Boomer parents.  We examine what AdviceTech is most important to them and the areas you should focus on to win them over.  

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How to become an AdviceTech Star, through rationalisation and optimisation

AdviceTech Stars are role model firms that are worth aspiring to - they are more likely to be better at selecting the right technologies, spending money efficiently, and deploying and applying tech to improve business and advice efficiency.  Learn about the practices that make them different and how they build out their client-experience technology 'stack'.

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AdviceTech Suppliers Guide

Find out which AdviceTech suppliers are the most popular

Take a deep dive into 29 different AdviceTech categories to understand key suppliers, important features, their benefits, as well as the current and intended use amongst advice firms.

Discover how Netwealth can help you on your AdviceTech journey

Talk to someone at Netwealth today, discover our latest technology and innovations and how we can help you on your AdviceTech journey. 

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Presentations

2021 AdviceTech Keynote and Masterclass presentations

Watch Matt Heine unpack the 6 key findings from the 2021 AdviceTech report and view six supporting masterclass presentations that aim to help you reimagine the way you engage with your customers online using AdviceTech.

More AdviceTech resources




Innovation workshop 

Netwealth has designed this 90-minute workshop to help you and your team prioritise technology solutions against business objectives to develop your business' AdviceTech roadmap.

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The Emerging Affluent Report

This report is a playbook for financial advisers on how to attract, manage and retain The Emerging Affluent.

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2021 AdviceTech summary video from Matt Heine

This 12 minute video explores some of the core themes that are highlighted in Netwealth's 2021 AdviceTech report.

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