![]() ![]() Provide personal financial advice nor do we recommend or suggest a particular adviser is right for you. While we may facilitate the review and introduction of Advisers, Customers of Adviser Ratings will be responsibleįor entering into their own agreement with Advisers introduced through our website. These technologies have generally shown an uptick already, partly due to the pandemic and increasing demand from clients to see where advisers are adding value. More than a third of practices are looking to use client data reporting/dashboard tools and client portals in the next 24 months, while 2-in-5 practices are planning to invest in scaled advice solutions and online fact-finding or risk-profiling tools, Netwealth found. The platform provider’s surveys show there’s a continued and growing demand for solutions that can give clients greater oversight. The 2021 Netwealth AdviceTech Report provided some clues about where practice investment may land in the next 24 months. While we expect to see more appetite in 2022-23 for technology solutions across the board, we’re yet to see a major challenger for the incumbents’ market share. One worth mentioning is ProductRex, which received a strong first-year score and several honourable mentions for its client-centric approach.įigure 3 – Net Promoter Score, new softwareĭespite their favour with advisers, newer technology providers often face an uphill battle creating both scale and profit in the crowded advice technology space. New software providers don’t have the same problems and are often able to be more reactive to advisers’ needs. Generally, the more established providers are plagued by legacy issues.įigure 2 – Net Promoter Score, incumbent/high-penetration software Given it’s still fairly new relative to the others in the category, its popularity among advisers is understandable. From the former category, Worksorted stood out, with good coverage, particularly among independent advisers. ![]() Given the difficulty comparing the established, but often clunkier incumbents with the agile, but lesser-known new players, we divided Net Promoter Scores into two categories: those with market history or high penetration and the new providers. Source: Adviser Ratings' 2022 Australian Financial Advice Landscape ReportĪdviser picks: established and new software For example, Xplan still dominates in terms of market share when it comes to advice production, annual agreements, CRM usage and workflow management.įigure 1 – Share of market, advice production (SOA) Indeed, research for the Adviser Ratings 2022 Landscape Report shows a more restrained appetite for technology uptake and change.Īmid this, newer providers are struggling to break the incumbents’ stronghold, despite their agility and broad approval from advisers. With compliance, regulatory change and the exam hanging over advisers’ heads, there was little time to shop around for the latest and greatest. Technology is often spruiked as the key to practice efficiency, but over the past year advisers have largely put software investment on the backburner as they have focused on meeting their core requirements.
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