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Advisers embracing tech for workflow management and client engagement

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16 March 2023 by Maja Garaca Djurdjevic, Independent Financial Adviser

Article link: https://www.ifa.com.au/news/32534-advisers-embracing-tech-for-workflow-management-and-client-engagement

While 2022 didn’t signify a significant change in the adoption of new efficiency technology among advisers, a recent survey by Adviser Ratings revealed that advisers quickly turned to tools for advice production, workflow management, and annual agreements.

The firm anticipates that artificial intelligence applications, such as ChatGPT, will soon be more commonly integrated into advisory services. 

Supporting this view, the final Quality of Advice Review (QAR) report penned by Michelle Levy highlighted the increasing role of technology and digital tools in complementing traditional advisory services. 

Regarding advisers’ current use of technology solutions, Adviser Ratings’ recent survey of over 500 practices found that Xplan continues to dominate the workflow management space, with 39 per cent of advisers reporting its use.

Moreover, the firm revealed that, in the post-pandemic era, there has been an increasing demand for client portal tools that facilitate easy data exchange during the advice process, from both advisers and clients alike. Xplan again emerged as the dominant player, accounting for more than a quarter of all business in the client portal market.

However, the firm pointed out that advisers are increasingly seeking tools that enable their clients to visualise their goals and understand the potential impact of different scenarios. 

“We expect this will become even more important as clients grapple with the myriad current challenges, such as rising interest rates, inflation, and market volatility,” Adviser Ratings said. 

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