The federal government's industry reforms have changed the priorities of Australian licensees leaving a number of gaps in the market, according to platform provider netwealth.
The company's executive director Matt Heine said discussions with clients regarding the Future of Financial Advice (FOFA) reforms has prompted the group to develop new technology to deal with industry change in particular the need for greater back office efficiency.
"We spent a lot of time talking to our clients and developing the tools they need and want and the onset of FOFA has meant priorities have changed over the last 12 months," Heine said.
"As a result of this we are identifying gaps and finding solutions."
As part of examining gaps in the market, netwealth has developed a new online service.
The new service, launched today, is a "significant milestone" for the group and ends a 12 month long review.
"We have reviewed the market over the last 12 months and believe we have delivered a clean, intuitive and innovative service harnessing the latest web technology and usability," he said.
Heine said the netwealth platform will also allow advisers and licensees to white label the new site and promote their own brand, and access online corporate actions and auto sell down profiles. It also has the ability to update client and account details online.
Netwealth is close to releasing a new retail insurance offering for financial planners as part of an ongoing business relationship with AIA.
The new offering paired together AIA's propriety protection with netwealth's SuperWrap product, he said.
