High-quality technology solutions are now a key factor for financial advisers, with the software’s ability to fully support them in delivering strong advice the significant differentiator.
“You can have a really good tool, but you have to put another layer on it to connect to the adviser, so it’s how you actually enable the software within the practice to make a difference,” RI Advice Group chief executive Paul Campbell said yesterday.
“So there’s good implementation and there’s also bad.
“Technology underpins all of the advice streams, so we’re not just providing some good technology in pockets, we’re providing a technology layer that gives you support all the way from end to end and that’s where we’re making good inroads.”
Technology functioned as an enabler, so if dealer groups could show a strong advice process, then the right tools, systems and technology could be implemented in their offices to make that work, Campbell said.
“Technology must be harmonious with advice,” he said.
“Advisers want technology to make it easier for them to run their business and they need [tools] to broaden their advice streams.”
He said the Future of Financial Advice reforms were also drawing a lot of interest to dealer groups with streamlined technology capabilities.
“It’s about making technology relevant in their office. You can take a good piece of software, but if you don’t implement it properly with the right systems and processes, it’s not effective,” he said.
RI Advice is in talks with other advisory practices, after BH Wheeler and Sheridans joined the group after looking at its technology offering run by Xplan.
“We’re expecting more appointments to happen in the next couple of months,” Campbell said.
“The majority of practices we’re picking up are looking to broaden their advice streams beyond what has been traditional.”
He said the group was focused on developing other services for its advisers through technology.
“We’re looking to develop new ways of streamlining the advice process and there’s still plenty of ways that we can use technology to make an adviser’s office a lot more productive,” he said.
