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What Adviser Technology Can You Implement Today To Make Your Financial Advice More Valuable

In our modern world, technology serves not only as a tool by which we navigate our day-to-day tasks but as an integral instrument of our culture, societal and behavioural norms. 

The Role of Advice Technology in the Finance Industry

Data, smartphones, and cloud networks drive many functions of our world, and have prompted the creation of an adaptive consumer, who places a higher value on user experience than any generation we have seen before. Despite these factors, the financial advice industry has fallen behind in the pace of its technological adoption, risking being outpaced by the demands of its own market.

In order to be seen as valuable in the eyes of the independent, tech-savvy consumer, it is crucial to implement advice technology that has been designed with the needs of the client front of mind. The right advice technology has the capacity to help the adviser support the fluctuating needs of the client, making their life easier, and smoothly guiding their client through the journey of life's inevitable ups and downs. 

In this new normal of virtual meetings and digital services,  advice has the opportunity to deliver clients with empowerment and life-changing transformations - all through the hybrid advice model.  As we head towards a hybrid of digital and human adviser, the traditional means of delivering advice requires a pivot, led by the implementation of a modern AdviceTech stack to ultimately provide an enhanced client experience, engaging the modern consumer and meeting their requirements with a stronger value proposition.   

Technology has the means to dissolve the friction within the traditional advice process, through digitised SoA functionality, client-facing modelling tools, and data-driven financial plans.

In combining behaviour and mindset lead conversation, with AdviceTech and consumer apps, the adviser is armed with the arsenal to support their clients to make informed decisions, and achieve personal life and financial goals, all to stimulate a healthy financial future.  

Our finances are the currency for life.

As we continue to innovate and develop interactive planning technology, we are able to support the progression and uptake of goals-based advice. Our industry can work towards creating a better world, one where consumers from all walks of life have access to quality and affordable financial advice - all starting from their smartphones.

The Importance of Adviser Technology in the Finance Industry

Technology is the key for any advice business that wants to thrive throughout this next decade. With regulatory changes and heightened consumer demand for advice, coinciding with advancements in fintech, we are arriving at the forefront of one of the biggest booms this industry has seen. This presents an unprecedented opportunity to deliver efficient, scalable and inspiring wealth management experiences to Australian consumers.

Technology, by design, can be used to maximise the quality of the product or service you deliver, reduce the production costs and better service your clients.

So, what does technology look like in the new advice landscape?

Adviser Technology You Can Implement Today

Tech-stack-layersData Storage
Customer relationship management software should form the foundation of your tech stack and securely store your client data in the cloud.

Client data management involves the capturing of a customer’s personal and financial details, as well as the storing of automated transactional data like investments, bank accounts and credit card transactions, with a searchable database. It should provide anywhere, anytime access, be cost-effective, and automate its security requirements, updates and maintenance.

Cloud Office
The cloud office manages all your client activity digitally, including the likes of client fact-finds, documents, tasks, workflows, email, marketing and communications. It should also provide a transparent digital audit trail, and track all client interactions for compliance, enabling you to keep tabs on your advice lifecycle as your clients progress through each stage of their advice process.

Your cloud office function should also cover revenue management, any ongoing service arrangements for FDS, and also opt-ins for compliance.


Portfolio management software provides comprehensive investment and reporting tools for real-time management of your client's entire asset holdings - including managed portfolios, managed funds, superannuation, listed securities, term deposits, and cash.

Online portfolio management streamlines historically manual processes, nullifying the need for spreadsheets by centralising your client’s investment information into one place. 

Portfolio management software allows you to open client accounts, create and rebalance model portfolios in bulk, and monitor investments across your entire client base with speed and efficiency. This functionality also helps to streamline mundane tasks, such as optimising tax gains or losses, CGT outcomes or super contributions. 

With inbuilt investment analytics, you have access to all-encompassing research and historical performance data to help make informed investment recommendations and connect with brokers to digitally execute buy and sell trades.

Advisers require robust tools to provide clients with quality cash flow analysis, goals planning, and apply advice strategies. Today, clients want information instantaneously. 

Exploring and prioritising client dreams, and transforming these into tangible life goals through digital engagement inspires clients, and makes their advice feel more meaningful, personal, and pertinent.

Live scenario modelling tools help advisers during their advice process to better demonstrate their value to prospective clients. By incorporating digital, visual tools and functions into your existing practice, clients better understand the importance of professional financial advice in their personal contextual environment. In modelling their goals and outcomes, real-time, advisers curate a collaborative advice experience, strengthening the relationship between advisers and clients, co-creating a space where goals and outcomes are both attainable and palpable. 

Once a recommended scenario is determined, the adviser has the ability to produce an instant, digital SoA. This document has been built behind the scenes during the scenario modelling stage of the advice process and is then digitally delivered to the client ready for sign-off. With the help of this function, SoAs can be delivered in a timely manner, minimising friction, and uplifting client experience. 

The Impact of New Technologies Supporting Financial Advisers

Digital innovation is paving the way to optimised profitability and increased efficiency. New technologies have the capability to provide advisers with a contemporary value differentiation, which is particularly pertinent in an era where client experience is the new industry battlefield. 

Advice-as-a-Service, like software-as-a-service or data-as-a-service, is the new advice model. The implementation of a hybrid digital and human advice process enhances the role of today’s financial adviser, to one that is integral and invaluable to any prospective client. 

The crucial step for today’s adviser is fine-tuning your tech stack to support the hybrid advice journey, and excel through this next decade. 

The Future of AdviceTech Towards Financial Advice

Technology like AI, Machine Learning and digital client experience will drive the future model of financial advice. AdviceTech presents advisers with the opportunity to empower consumers to interact more seamlessly and flexibly with their business. In encouraging a more collaborative approach, whilst supporting your business' capability to respond effectively and efficiently, advisers and clients are able to flourish in a demanding consumer marketplace.

If you want to learn more about how the Advice Intelligence software can support your efforts in advisory technology while establishing a firm value the technology brings to your advice in financial planning, Book a Demo or contact us directly.