Advice sector seeks holistic fintech solution


By Leanne Abbas

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The financial advice industry is still waiting for a generic fintech offering that can be efficiently integrated into all types of practice, rather than being developed to meet specific needs of individual dealer groups, according to InvestmentLink.

The data firm alleged that the fintech sector had not yet delivered effective tools for the whole industry but focused on offering product solutions to individual businesses, which are finding it difficult to convince consumers to pay for them.

InvestmentLink chief technology officer Wayne Robinson said it was essential the industry focus on meeting demand for a holistic digital advice solution.

“We think that advisers will be happy to pay for a platform that delivers what they actually need,” he said.

“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.”

Robinson noted advisers wanted a platform that reduced administrative tasks, was easily integrated into their practice and allowed better engagement with clients.

“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, not just the application, and the ability to share data is crucial,” Robinson said.

“Properly leveraging available data will also allow for proactive client monitoring, and enhanced and automated compliance abilities.

“The platform should be able to deliver notifications to advisers – alerts that the adviser needs to engage with the client.”

Furthermore, Robinson noted that a quality technology solution would help contain costs and increase efficiencies for planners and clients.

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