Speaking at the Association of Financial Advisers (AFA) conference, Jacqui Henderson, founder and chief executive of Advice Intelligence, said: “There’s a massive gap between how consumers interact and how they receive financial advice. Consumers interact via their smartphones whereas they receive advice via paper documents.
By Laura Dew
Advice should evolve into being coaching and goals-based, rather than being based around a statement of advice.
Jacqui Henderson is excited by the role fintech is playing in shaping the future of advice in Australia. She talks to Jayson Forrest about what this future might look like.
“Technology is the only enabler that will help the financial services industry to become sustainable in a world where compliance and administration is causing a lot of pain and cost to licensees and advice practices, particularly at a time when the need for advice has never been greater.”
Advice Intelligence (a.i.) has launched Version 1.0 of it’s software platform to financial advisers across Australia. This launch marks the start of a ‘new world’ financial planning movement that will be crucial for the future success of the advice industry.
a.i.’s “WealthMap” feature provides advisers and their clients with a shared space to co-create advice in an interactive way. This will free advisers to test future scenarios and simulate combinations of advice strategies.
The type of technology that will support this industry going forward needs to be designed in alignment with the way consumers interact, whilst maintaining compliance standards.
The most recent Professional Planner Licensee Summit highlighted that risk profiles are being tainted by both outdated measuring tools and methods of delivery that allow for undue adviser influence.