The AdviceTech Research Report explores 26 technologies used by advice practices. Below is a high level summary of all 26 technologies.
For a more detailed exploration of each technology, including key features and notable benefits, turn to page 36 onwards of the Report.
1. Cash flow, budgeting and account aggregation tools
Description
Amalgamates bank, super and investment accounts into a single online interface for tracking and managing money, investments, cash flow, budgeting and goal-savings.
Key statistics
Current usage: 42.30%
Intended uptake in the next 24 months: 19.67%
Potential uptake by 2020: 61.97%
Providers include
Moneysoft, Xero, myprosperity, Yodlee, Map My Plan, Microsoft Excel/Google Sheets, AdviserLogic, MoneyBrilliant, Proviso, Pocketbook
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2. Client portal technology
Description
Secure online access for clients (or members) to engage and manage their super, investment and/or banking accounts via desktop or mobile.
Key statistic
68.52% use client portal technology
Providers include
Finpal, myprosperity, Xeppo, Netwealth, XPLAN, Midwinter, AdviserLogic
3. Client presentation software
Description
Tools to support the creation and customisation of client presentation slides.
Key statistics
Current usage: 53.44%
Intended uptake in the next 24 months: 20.66%
Potential uptake by 2020: 74.10%
Providers include
Microsoft PowerPoint, Prezi, Canva, Google Slides, Apple Keynote, Haiku Deck, Zoho Show, Astute Wheel
4. Cloud-hosted online document/file storage and sharing technologies
Description
Cloud-based storage of documents, images, presentations and other formats which can be shared and accessed online or download to computers or mobile devices.
Key statistics
Current usage: 77.38%
Intended uptake in the next 24 months: 9.18%
Potential uptake by 2020: 86.56%
Providers include
XPLAN, Dropbox, Microsoft OneDrive, Google Docs, Box, Evernote, ezidox, Sharefile, myprosperity, AdviserLogic
5. Cloud-hosted email or internal communication services
Description
Online access to office emails and calendars.
Key statistics
Current usage: 74.75%
Intended uptake in the next 24 months: 5.90%
Potential uptake by 2020: 80.65%
Providers include
Microsoft Office 365, Gmail (Google Apps), Skype, Slack, Yammer, Google Hangouts
6. Commissions management software
Description
Rules-based revenue, commission payment and remuneration management system.
Key statistics
Current usage: 60.66%
Intended uptake in the next 24 months: 7.87%
Potential uptake by 2020: 68.53%
Providers include
Commpay, Easy Dealer, Revex, Advsr, Worksorted, Microsoft Excel, LinxCRM, CoMetrix, PayLogic from AdviserLogic, Finpal
7. Customer Relationship Management (CRM) systems
Description
A system that collects, organises, manages and analyses customer information, interactions and data throughout the customer lifecycle.
Key statistics
3.24 out of 5 average satisfaction rating with current supplier.
Providers include
XPLAN, Microsoft Excel, AdviserLogic, Midwinter, Salesforce, Coin, SugarCRM, Zoho, HubSpot, Provisio, Practifi, iFace, Finpal, LinxCRM, Ontraport, Infusionsoft, Worksorted, Ccube, Microsoft Dynamics
8. Digital signature tools
Description
The ability to capture signatures online via a computer or mobile device to support the document signing process.
Key statistics
Current usage: 31.80%
Intended uptake in the next 24 months: 49.51%
Potential uptake by 2020: 81.31%
Providers include
DocuSign, Adobe, Netwealth integrated eSignature, SuiteBox, myprosperity, Practice Ignition, SignNow
9. Digital services to transcribe conversations
Description
Online services that convert audio and video recording to text.
Key statistics
Current usage: 18.36%
Intended uptake in the next 24 months: 31.15%
Potential uptake by 2020: 49.51%
Providers include
Dragon Dictate, Rev.com, waywithwords, Livescribe Smartpen, Trint, Zoom
10. Digital workflow and integration tools
Description
Online services to enhance document flow, data integration, reporting and general process improvement, user friendly forms, linking of independent web apps to pass information between popular cloud-based apps/software systems, online business intelligence reporting and note taking tools.
Key statistics
Current usage: 15.41%
Intended uptake in the next 24 months: 22.30%
Potential uptake by 2020: 37.71%
Providers include
Zapier, Evernote, Typeform, IFTTT, Scribe, Formstack, Fusedocs, PowerBI, Tableau
Netwealth 2018 AdviceTech research report
The second Netwealth AdviceTech research report examines twenty-six technologies used by advisers in their practice – their adoption, benefits and key suppliers.
11. Emails, newsletters and marketing automation technology
Description
Assists the creation and automation of electronic communications, typically email and newsletters but extends to text and in-app messaging and social media.
Key statistics
Current usage: 78.69%
Intended uptake in the next 24 months: 14.75%
Potential uptake by 2020: 93.44%
Providers include
MailChimp, XPLAN, Microsoft Outlook, Avant Plus, Active Campaign, Campaign Monitor, Infusionsoft, Feedly, Salesforce Pardot, Bonjoro, Constant Contact, HubSpot, Marketo, Redmarker (Artemis), AdviserLogic, Vision6, Wealthbox, Ontraport
12. Fact find and risk profiling tools
Description
Tools to capture information about the client during the fact find process, including analysis of their risk profile.
Key statistic
Current usage of online fact find and risk profiling tools is 33.11%
Providers include
XPLAN, Astute Wheel, Microsoft Excel, AdviserLogic, Finametrica, Midwinter, Typeform, precisefp.com, Coin, Microsoft OneNote, GoodNotes, Ccube
13. Investment research tools and technology for investment selection
Description
Research, ratings and commentary on investment products. Often reliant on a mix of qualitative research and quantitative analysis using big data, algorithms and (eventually) artificial intelligence.
Key statistic
Current usage: 78.03%
Providers include
Morningstar, Lonsec, Zenith, Broker research, Netwealth Compare Managed Funds, Bloomberg, Thompson Reuters, Factset, Fincast, Macrovue, Selfwealth, Simply Wall Street, TipRanks, Canstar, Stockdoctor/Lincoln indicators, Skaffold, Mercer, Alta Vista Research
14. Know Your Customer (KYC) technologies
Description
Helps identify and verify identity using external data matching sources including Australian passport and drivers licence data.
Key statistics
Current usage: 9.84%
Intended uptake in the next 24 months: 27.21%
Potential uptake by 2020: 37.05%
Providers include
ZipID, GreenID, Simple KYC, Avoka
15. Managed accounts (SMA)
Description
A portfolio of individual securities or assets managed by a professional investment manager. Provides advisers with an alternative structure to managed funds and other portfolio solutions. Changes to certain portfolios by an investment manager can be implemented across some or all clients as frequently as required, without the need for individual ROAs or SOAs.
Key statistics
Current usage: 39.34%
Intended uptake in the next 24 months: 21.64%
Potential uptake by 2020: 60.98%
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16. Online advertising
Description
Advertising displayed on a website, mobile app or other digital medium containing brand and promotional marketing messaging, imagery and video. The technologies commonly used include search engine marketing, social media marketing, web banner advertising, in-video advertising, email advertising, digital radio advertising, sponsored content articles and mobile advertising.
Key statistics
Current usage: 14.43%
Intended uptake in the next 24 months: 19.02%
Potential uptake by 2020: 33.45%
Providers include
Google, Facebook, YouTube, LinkedIn, Bing, AdRoll, Twitter
17. Online surveys, reviews and rating tools
Description
Tools to capture customer feedback through the development of surveys and feedback forms or via online websites where customers share their experiences and rate service with stars and descriptions.
Key statistics
Current usage: 29.51%
Intended uptake in the next 24 months: 38.36%
Potential uptake by 2020: 67.87%
Providers include
Survey Monkey, Adviser Ratings, Facebook ratings, Google Reviews, Typeform, Google Forms, womo.com.au, Yelp, wufoo, Valuiza, ProductReview
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18. Project, activity and task management tools
Description
A platform which allows people to collaborate, communicate and coordinate projects by managing tasks, processes, and workflows.
Key statistics
Current usage: 74.10%
Intended uptake in the next 24 months: 13.77%
Potential uptake by 2020: 87.87%
Providers include
Microsoft Excel, Trello, Slack, Evernote, Asana, Microsoft Project, Dapulse, Microsoft OneNote, Microsoft Project, Smartsheet, Teamwork, Podio
19. Robo-investment technologies
Description
Tools that provide online portfolio investment recommendations using algorithms and, in some cases, artificial intelligence which is less reliant on human advice.
Key statistics
Current usage: 3.61%
Intended uptake in the next 24 months: 21.64%
Potential uptake by 2020: 25.25%
Providers include
Raiz Invest (formally Acorns), Clover, Sixpark, Ignition Direct, Quitegrowth, Stockspot
20. Scaled advice technologies
Description
Personal advice limited in scope or piece-by-piece advice rather than holistic or comprehensive advice, often provided over the phone or online at a fraction of the cost of holistic advice.
Key statistics
Current usage: 13.11%
Intended uptake in the next 24 months: 22.30%
Potential uptake by 2020: 35.41%
Providers include
XPLAN Prime, Astute Wheel, Midwinter AdviceOS, Decimal, SuperED
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21. SMSF administration software
Description
Cloud-based self-managed super fund (SMSF) software to
assist in the administration and compliance of SMSFs by
trustees and their advisers.
Key statistics
Current usage: 33.11%
Intended uptake in the next 24 months: 10.82%
Potential uptake by 2020: 43.93%
Providers include
Class Super, BGL, eSuperfund
22. Social media platforms
Description
A platform enabling users to communicate, follow, create and share content with virtual communities and networks.
Key statistics
48.79% post one or more times a week on social media
Providers include
Twitter, Facebook, LinkedIn, Instagram, YouTube, Snapchat, Pinterest
23. Social media management tools
Description
Platforms for managing social media, sharing content and growing a social media presence across platforms like Facebook, LinkedIn, Twitter, Instagram and YouTube.
Key statistics
Current usage: 9.84%
Intended uptake in the next 24 months: 19.34%
Potential uptake by 2020: 29.18%
Providers include
Hootsuite, Buffer, Sprout Social, Contentstudio.io, Missinglettr.com, Pablo, Postcron, SmarterQueue
24. Tools to help model, develop and manage financial plans
Description
Scenario creation and strategy optimisation tools for clients.
Key statistic
3.13 out of 5 average satisfaction rating with current supplier
Providers include
XPLAN, Microsoft Excel, AdviserLogic, Midwinter, Coin, Adviser Intelligence, Provisio, Ccube, Optimo Pathfinder
25. Services to conduct virtual online meetings
Description
A solution that facilitates a virtual meeting between an adviser and their client via a computer or mobile device.
Key statistics
Current usage: 48.20%
Intended uptake in the next 24 months: 31.48%
Potential uptake by 2020: 79.68%
Providers include
Skype, Zoom, GoToMeeting, SuiteBox, Microsoft Office, Google Docs, Webex, Join.me, Voxer, Google Hangouts, Bonjoro, Zoom
26. Website management and/or blog tools
Description
Tools to assist in the creation and modification of web pages,
blogs or online stores.
Key statistics
11.80% of advisers add or modify their website content weekly, 24.59% monthly, 19.34% quarterly, 10.16% annually and 34.10% rarely or never do.
Providers include
WordPress, Wix, My CMS, 1&1, Strikingly, Weebly, Squarespace, Sitecore
Read the report
If you would like to learn more about the AdviceTech landscape in Australia and the rate at which financial advisers are adopting this technology, read the report in full here.
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