Netwealth examines advice tech usage
Australian wealth management fintech, Netwealth, has released its 2022 AdviceTech Report and identified the major technologies that are set to experience strong year-on-year growth or increased adoption within the next two years.
The report was founded on Netwealth’s newly developed AdviceTech Adoption Framework, which first identified five categories of technology adoption by advice firms and the technologies within those categories set to experience higher adoption rates.
The framework has also defined firms that are leading the charge “in many aspects of technology use… [including] both technology adoption and business performance”.
Called AdviceTech Stars, these firms have “found the sweet spot of using the right AdviceTech in the right way, to address clearly identified issues and to generate tangible business and client benefits”, according to Netwealth.
Over 90 per cent of AdviceTech Stars increased their revenue last year, using three more technologies than the average advice firm (14). Over half (57.8 per cent) of AdviceTech Stars also have a clear technology roadmap in place, compared to 34.3 per cent of normal advice firms.
The report found that online meeting tools, CRM systems, super/investment paltforms, cloud-hosted online file storage and sharing services, cloud-hosted email services and professional development tools were the tools most likely to experience mass adoption or become a technology that is used by over 80 per cent of AdviceTech Stars and advice firms in general.
Technologies that have been experiencing high year-on-year growth included client portal uptake, which experienced an increase in use (42.2 per cent) and high intention to adopt (33.3 per cent) among AdviceTech Stars and website content management platform, rising to 68.9 per cent usage and 24.4 per cent with intent to adopt among AdviceTech Stars.
Online fact-find and risk profiling technologies were also noted in the report for their high records of usage among AdviceTech Stars (60 per cent), as well as general firms (38.9 per cent). The report said the trend of advisers moving away from already-established providers like Astute Wheel (down to 15.3 per cent usage) will contribute to more growth in the area.
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