Netwealth's 2023 AdviceTech Report

Humans and machines

How AI can supercharge advice firms
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Welcome to AdviceTech 2023, Humans and Machines

In this era of rapid technological advancements, machines are entwined in our lives, transforming the way we live, interact, and of course, how we run our businesses.

To help you make the most of emerging AdviceTech, this year's Netwealth AdviceTech report offers a snapshot of what AI is, then drawing on insights from our research, we dive into how your industry peers are planning to apply it.

We provide examples of how AI can be used across six key areas of financial advice, offering plenty of practical examples, and share seven steps you can take to integrate AI into your business.


Download the report


Key takeaways

As advanced technology infiltrates numerous industries, there are clear benefits for financial advice. Here are some key takeaways from the 2023 AdviceTech report.

50% of advisers believe AI will help them achieve their business goals

Financial advisers believe technology will lead to significant leaps in how they do business over the next five years. And what technology do they think will deliver on this promise? 50% of advice firms say AI – jumping from 25% the previous year – the largest increase of all AdviceTechs.

45% of advice firms are AI interested

At this stage, AI is still not widely adopted by financial advice businesses, yet there is considerable interest. Only 11% of advice firms have piloted or are implementing AI for limited use cases, yet one-third (34%) are exploring its potential. This suggests almost half of all advice firms are ‘AI interested’.

AI chatbots, like ChatGPT are being trialled by many firms

The advice firms dipping their toe in AI are experimenting with a variety of tools, with the most common category being AI chatbots (65%), like ChatGPT.  


AI is set to transform all facets of the advice process, especially marketing

As we look ahead to the next five years, we expect AI to have a real impact for advisers. Almost seven in 10 (67%) are using or exploring its use in marketing, whilst around six in 10 touch are exploring its potential for client related tasks, administration and the advice itself.


Rolling out AI is hard, you need a plan  

Change doesn't happen overnight and bringing the benefits of AI into your business will take some planning. If your business has started on its AI journey, or is planning to get on board, we consider that there are seven key steps that can help you make steady progress. Access the complete AI transformation plan in the 2023 AdviceTech report.


Watch: Unlocking the potential of humans and machines

Learn where AI is taking us and what advisers can do to prepare for the future to supercharge their advice firm.  In this presentation we examined how AI and other adjacent technologies, like big data, client portals and emerging technology, can transform the way we work and service clients. 

We explored real life examples, upcoming innovations, and practical insights to get you AI and future-tech ready. Supporting this exploration, will shared key findings, insights and resources from our latest 2023 AdviceTech report on Humans and Machines.


Watch the keynote presentation


Complete the form to download your complimentary copy of the AdviceTech 2023 report on Humans and Machines



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AdviceTech Resources

More AdviceTech resources

Take a closer look at more AdviceTech related resources in our collection of workshops, articles and podcasts.


Adopting AI into your practice today

Advanced technology platforms, AI and big data are converging and are ready to transform the advice industry. Understand the different ways advice firms can use AI in their practice today.

Read now


Humans, machines and the rise of AI

Machines and humans have worked together for centuries and the new breed of supercomputers and AI are set to supercharge advice firms – staff productivity, business ingenuity, innovation and the client experience.

Read now


A short explainer of AI

While it seems to be everywhere, AI has been a long time coming. Learn why Bill Gates thinks that what is happening in AI just in the last 12 months is every bit as important as the PC, the PC with GUI, or the internet.

Read now


Harnessing the power of AI in the advice industry

Dr. Micheal Kollo, CEO of Evolved Reasoning, shares the capability of AI to translate complex financial data into intuitive client reports and how financial advisers can harness the potential of tools, like ChatGPT, without compromising sensitive data.



Evolving the client value proposition with technology

Matt Heine, Netwealth's CEO and Managing Director, jumps into the hot seat to be interviewed by Peita Diamantidis on the Ensombl AdviceTech podcast. They discuss how advisers are using technology to differentiate their offering and build their client value proposition.



AdviceTech Roadmap workshop

Develop your AdviceTech roadmap with this free AdviceTech Roadmap workshop. A 90-minute team activity designed to help you prioritise technology solutions and develop a technology adoption strategy for your business.


2023 AdviceTech Buyers Guide

This report is based on research from 250+ advice firms and provides valuable information on pivotal technologies and trends in Australia. It allows you to benchmark your tech usage and supplier adoption against high-performing 'AdviceTech Stars' while exploring 30+ available AdviceTech solutions, including their key features, benefits, and top suppliers.

Download the guide

How Netwealth is using advanced technology in its platform

Boost your business efficiency with enhanced platform features

At Netwealth, we're continually expanding and enhancing our platform features to help advisers increase business efficiency and staff productivity. Below are some of our latest features to help:

Easily manage annual fee consent with tools

Advisers can submit fee consents and renewals online by uploading signed forms or following renewal steps,

Find out more

Use enhanced performance reports

Now client portfolios can be benchmarked against pre-set benchmarks or custom objectives.

Find out how

Reduce time responding to and managing important tasks

Easily view, approve, manage, filter and archive activities for you, your team and clients.

Learn more

Improve client analysis with bank and property data feeds

Your clients can now build a complete picture of their financial wealth with Netwealth's client portal.

Find out how