Glossary of advice technologies

A summary of the technologies advisers are using today, and plan to use in the next 18 months, along with their main benefits, key suppliers, and high level statistics.

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Date: 15 June 2017

The AdviceTech Research Report explores 24 technologies used by advice practices. Below is a high level summary of all 24 technologies.  

For a more detailed exploration of each technology, including key features and notable benefits, turn to page 32 onwards of the Report

1. Services to conduct virtual online meetings

Description: Virtual online meeting tools provide a virtual meeting between adviser and client via a PC or mobile device.

Key statistics: 80% adoption potentially by 2019. 52% of advisers currently use, 29% intend to use in next 18 months.

Key providers: Voxer, SuiteBox, GoToMeeting, Skype,, Webex, Google documents, Bonjoro, Google hangouts

2. Digital signature tools

Description: The ability to capture signatures online via a computer or mobile device, to support the document signing process.

Key statistics: 85% adoption potentially by 2019. 34% of advisers currently use, 52% intend to use in next 18 months.

Key providers: Docusign, Adobe, Netwealth integrated eSignature, SuiteBox, myprosperity

3. Customer Relationship Management (CRM) systems

Description: A system that helps in collecting, organising, managing and analysing customer information, interactions and data throughout the customer lifecycle.

Key statistics: 3.1 out of 5 average satisfaction rating with current provider.

Key providers: XPLAN, Excel, AdviserLogic, Midwinter, Salesforce, Coin

4. Emails, newsletters and marketing automation technology

Description: Communications, typically email and newsletters but extends to text and in-app messaging and social media.

Key statistics: 93% adoption potentially by 2019. 71% of advisers currently use, 22% intend to use in next 18 months.

Key providers: XPLAN, Mailchimp, Microsoft Outlook, Avant plus, Active campaign, Campaign monitor, Infusionsoft, Bonjoro, Feedly, Salesforce Pardot, Constant contact, HubSpot, Marketo, Redmarker (Artemis)

5. Live chat technologies

Description: Tools that allows businesses to communicate, or chat, in real time with visitors to their website.

Key statistics: 37% adoption potentially by 2019. 5% of advisers currently use, 33% intend to use in next 18 months.

Key providers: LiveChat, Zendesk,, Freshdesk

6. Website management and/or blog tools

Description: Tools to assist in the creation and modification of a web page, blog or online store.

Key statistics: 41% advisers add or modify their website content monthly, 18% quarterly, 11% annually and 30% never do.

Key providers: Wordpress, Wix, My CMS, 1&1, Strikingly, Weebly 

Netwealth 2017 AdviceTech Report

The report paints a picture of how technology is currently being used in the dynamic and evolving advice industry and provides insights into key areas of focus, must-have, high adoption services, and technologies that are regarded as disruptors, but are not yet being adopted.

Download AdviceTech Report

7. Social media management tools

Description: These tools offer a platform for managing social media, sharing content and growing a social media presence across platforms like Facebook, Linkedin, Twitter, Instagram and YouTube.

Key statistics: 61% adoption potentially by 2019. 23% of advisers currently use, 38% intend to use in next 18 months.

Key providers: Hootsuite, Buffer, Sprout Social,,

8. Online surveys, reviews and rating tools

Description: This suite of technologies provides advisers with tools to capture customer feedback whether through the development of their own surveys and feedback forms or via online websites where customers share their experiences and rate their service with stars and descriptions.

Key statistics: 72% adoption potentially by 2019. 33% of advisers currently use, 39% intend to use in next 18 months.

Key providers: Survey Monkey,, Facebook ratings, Google reviews, Typeform, Google forms,, Yelp, wufoo

9. Software to create client presentations

Description: Tools that support the creation and customisation of client presentation slides.

Key statistic: 63% currently use.

Key providers: Microsoft Powerpoint, Prezi, Canva, Google Slides, Apple Keynote, Haiku Deck, Zoho Show, Astute Wheel

10. Fact find and risk profiling tools

Description: Tools to capture information about the client during the fact find process, including the analysis of their risk profile.

Key statistic: Of all advisers, 52% use XPLAN whilst 19% have developed their own in-house.

Key providers: XPLAN, Astute Wheel, Excel, AdviserLogic, Finametrica, Midwinter, Typeform,

11. Tools to help model, develop and manage financial plans

Description: Scenario creation and strategy optimisation tools for clients.

Key statistic: 3.1 out of 5 average satisfaction rating with current provider.

Key providers: XPLAN, Excel, AdviserLogic, Midwinter, Coin, Adviser Intelligence, Provisio

12. Robo investment technologies

Description: Tools that provide online portfolio investment recommendations using algorithms and in some cases artificial intelligence which relies less on human intervention.

Key statistic: 29% adoption potentially by 2019. 3% of advisers currently use, 26% intend to use in next 18 months.

Key providers: Acorns, Clover, Sixpark, Ignition Direct, Quitegrowth

13. Scaled advice technologies

Description: Personal advice that is limited in scope or piece-by-piece advice rather than holistic or comprehensive advice, often provided over the phone or the internet rather than in person at a fraction of the cost of holistic advice.

Key statistic: 60% adoption potentially by 2019. 28% of advisers currently use, 31% intend to use in next 18 months.

Key providers: XPLAN Prime, Astute Wheel, Midwinter AdviceOS, Decimal, SuperED

14. 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: 78% currently use.

Key providers: Morningstar, Lonsec, Zenith, Broker research, Netwealth Compare Managed Funds, Bloomberg, Thompson Reuters, Factset, Fincast, Macrovue, Selfwealth, Simply Wall Street, TipRanks

15. Cash flow, budgeting and account aggregation tools

Description: Amalgamates bank, super and investment accounts into a single online interface for the tracking and management of money, investments, cashflow, budgeting, goal-savings.

Key statistic: 68% adoption potentially by 2019. 43% of advisers currently use, 25% intend to use in next 18 months.

Key providers: Moneysoft, Xero, myprosperity, Yodlee

16. Tools to manage projects

Description: A platform which allows people to collaborate, communicate and coordinate projects, helping them manage the tasks, processes, and workflows of projects of any size.

Key statistic: 81% adoption potentially by 2019. 55% of advisers currently use, 26% intend to use in next 18 months.

Key providers: Microsoft Excel, Trello, Slack, Evernote, Asana, Microsoft Project, Dapulse

17. Commissions management software

Description: Rules-based revenue, commission payment and remuneration management system.

Key statistic: 69% adoption potentially by 2019. 62% of advisers currentlyuse, 6% intend to use in next 18 months.

Key providers: Commpay, Easy Dealer, Revex, Excel

18. Digital services to transcribe conversations

Description: Online services that convert audio and video recording to text.

Key statistic: 54% adoption potentially by 2019. 19% of advisers currently use, 35% intend to use in next 18 months.

Key providers: Dragon Dictate,, waywithwords, Livescribe Smartpen, Trint

19. Know Your Customer (KYC) technologies

Description: Technology that helps a business in identifying and verifying the identity of people using external data matching sources including Australian Passport and Drivers Licence data.

Key statistic: 49% adoption potentially by 2019. 17% of advisers currently use, 32% intend to use in next 18 months.

Key providers: ZipID, GreenID

20. Online document/file storage and sharing technologies

Description: Cloud based storage of documents, images, presentations and other file formats which can be shared to people so they can access them online or download to their computer or mobile device.

Key statistic: 94% adoption potentially by 2019. 88% of advisers currently use, 6% intend to use in next 18 months.

Key providers: XPLAN, Dropbox, Microsoft One Drive, Google docs, Evernote, ezidox, Sharefile

21. Cloud-hosted email management services

Description: Online access to office emails and calendars.

Key statistic: 80% adoption potentially by 2019. 73% of advisers currently use, 7% intend to use in next 18 months.

Key providers: Microsoft Office 365, Gmail (Google Apps)

22. Managed accounts (SMA)

Description: Managed accounts provide advisers with an alternative structure than managed funds and other portfolio solutions to access professional portfolio management for their clients. Using the transparent, tax efficient and customisable structures of managed accounts, where changes to certain portfolios by an investment manager occur they can be implemented across some or all clients as frequently as required, without the need for individual ROAs or SOAs.

Key providers: 57% adoption potentially by 2019. 35% of advisers currently use, 22% intend to use in next 18 months.

23. Digital workflow and integration tools

Description: An array of online services to enhance document flow, data integration, reporting and general process improvement, including 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 statistic: 65% adoption potentially by 2019. 32% of advisers currently use, 33% intend to use in next 18 months.

Key providers: Zapier, Evernote, Typeform, IFTT, Scribe, Formstack, Fusedocs, PowerBI, Tableau

24. 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 statistic: 42% adoption potentially by 2019. 29% of advisers currently use, 13% intend to use in next 18 months.

Key providers: Class Super, BGL, eSuper