Adviser tech platform provider opens in Australia

Oksana Patron

9 March 2023

Provider of cloud-based technology platform for financial advisers, intelliflo, has announced its official opening in Australia.

The firm, which claims to support over 30,000 advisers and with over $1 trillion advised across its platforms, has said it had already signed several licensees and dealer groups in Australia, with local market believed to see increased competition, software, systems and service.

Intelliflo, which is the digital advice business of global investment company Invesco but operates independently under its own brand, says it  knows “how to break the vicious cycle of less advisers, higher cost of advice, less people getting advice”.

“At a time when financial advice has never been more important, many Australian financial advisers have their hands tied from helping a wider range of clients due to a lack of time, resources and cost-effective solutions,” Nick Eatock, founder and chief executive of intelliflo, said.

“Embedding technology effectively into the advice process helps deliver cost savings through improved efficiency and economies of scale that advice firms can pass onto clients through lower fees.

“It can also deliver a business case for widening access to advice by increasing the commercial viability of working with clients with lower investible assets.”

The official launch followed a trial of the Australian-adapted version of its financial advice software, “intelliflo office” last year, with large local advice firms among early adopters of the solution which already serves the wealth sector in the United Kingdom.

“Australia and the UK are so similar when it comes to the value of financial advice. They’re often a step ahead and a step behind each other,” Stuart Alsop, Head of Sales Australia at intelliflo, said.

Eatock founded intelliflo in 2004, pioneering the use of web-based technology to support the end-to-end needs of financial advice businesses.

According to Eatock, the role of ‘robo-advice’ had little impact on narrowing the advice gap in the UK.

“Hybrid advice models that blend digital and human interaction are clearly emerging as the most effective way of delivering engaging advice,” he said.