Knowing the basic principles of behavioural science can help advisers design better “advice experiences” for their clients.
How many advisers can truly say how many goals they helped their clients to achieve? Not many.
a.i.’s online goals-based advice white paper highlights the importance and benefits of providing goals-based advice.
Goals-based tech can help the industry move towards a new financial advice model. Linking client goals to advice strategies.
Exactly what future can we expect from a "new world" of advice?
We see advisers evolving towards a lifestyle & financial mentor in this "new world". They rely on tech to provide numbers to tell the client story. Extending their services beyond finances by providing guidance on "lifestyle choices" and "life fulfilment".
The financial planning industry is in a state of transformation following the Banking Royal Commission and reviews by ASIC.
Fees-for-no-service and regulatory negligence will be rightly replaced by goals-based, client-centric advice, and technology will work as a driver.
Tech has already infiltrated the industry, evidenced by large Australian planning firms and fund managers integrating their services with platforms and apps, and simplifying claims processes through online applications.
Let's define ROBO. artificial intelligence (ai) ROBO is the creation of intelligent machines that work and react like humans. It's computer science that incorporates knowledge, reasoning, problem solving, perception, learning and the ability to manipulate. Computers can only act or react like humans if they have an abundance of information relating to the world.
Compliance requirements for financial advisers are on the rise and practices clinging to ancient technology will need to use their imagination and embrace change in order to keep up.
Discussing the value of technology at a recent Advice Intelligence roundtable, Financial Planning Association of Australia head of policy and government relations Ben Marshan said the advice industry's inexplicable obsession with hardcopy Statements of Advice is a hindrance in more ways than one.