Fintech failing to provide solutions for advisers
The unmet need for technology in the adviser space has made it difficult for the financial planning industry to develop in line with customer expectations, InvestmentLink believes.
Advisers are continually frustrated with the lack of development of effective tools for financial planning from the fintech sector, and are focusing attention on offerings for individuals who are not attracted to their cost, according to InvestmentLink.
The fintech sector would need to focus on meeting adviser demand for digital tools for the planning industry which InvestmentLink chief, Wayne Robinson, said advisers would likely be willing to pay for if it made work simpler.
"While some products for advisers have been developed, most on the market at the moment have been developed for specific dealer groups, with limited application or adaptability for the wider adviser community," he said.
"Our clients tell us they are looking for a product that they can integrate into their practices. They are looking for a product that can cut administrative time and allow them to focus on value-adding advice."
Robinson said advisers were waiting on the fintech sector to develop tools suited to both adviser and client which were based around a defined functionality.
"It needs to be intuitive to use for both the adviser and the client, it has to be able to be branded to the adviser's practice so that the client is interacting with the adviser," he said.
"Properly leveraging available data will also allow for proactive client monitoring and enhanced and automated compliance abilities.
"A good technology solution will reduce costs and increase efficiencies for both planners and clients."