Netwealth IQ Report
2024 AdviceTech: Buyer's Guide
Discover emerging technology trends and explore those suppliers most frequently used by firms
Download the guideOverview
Unlock your firm’s technology potential with Netwealth’s 2024 AdviceTech Buyer’s Guide
The 2024 AdviceTech Buyer's Guide aims to provide advice firms with a practical tool to help advisers build their ‘tech stack’ and future technology roadmap.
It is an easy to read report that provides:
- A directory of over 30 available AdviceTech solutions, with a description of each, its benefits, key suppliers and the adoption penetration within firms.
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A list of specific technologies that have experienced notable shifts in adoption, which are worth keeping an eye on as you build your future roadmap.
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A benchmark for your firm, by looking at the usage for each technology and comparing it to the usage by AdviceTech Stars (those that enjoy greater commercial success than most, whilst also being greater adopters of technology).
This image is a sample from the 2024 AdviceTech Buyer’s Guide and shows the current and potential adoption of technology, plus main suppliers. For the full list download the guide.
Insights
Four AdviceTech adoption trends advisers need to know
Netwealth’s 2024 AdviceTech research uncovered four trends that may impact the advice industry that advisers should be aware of.
1. Six AdviceTechs to add to your watchlist
Several technologies were added to our ‘'high potential’' adoption categorisation including: Online surveys to capture client feedback, Cashflow and budgeting tools, Off-platform asset management technology, Stand-alone Regtech solutions, Client portal technology and Online fact-find/risk profiling tool.
2. Essential technologies for your tech stack
According to Netwealth’s Adoption Maturity Framework, several technologies are now “approaching ‘mass adoption’' so should likely be part of every adviser’s tech stack today. Technologies like email campaign and newsletter management platforms, or virtual client meeting tools fit within this category.
3. The popularity of AI continues to increase
AI continues to attract attention and is increasingly being adopted by advice firms. Many firms are still in the early stages of adoption, with most implementing AI in a limited capacity or as a pilot within their operations (44%), a significant increase from last year’s 11%. Among the segments, AdviceTech Stars (69%) and adopters (55%) have the most widespread use of the technology. Consideration for AI adoption is highest among Conservatives (42%).
4. Non-custodial asset management for wholesale investors remains steady
Off-platform asset management is technology and administrative services for managing and reporting on non-custodial assets. According to Netwealth’s AdviceTech research, around one quarter of client super and investment portfolios are held in off-platform assets such as property, private equity, direct property, and private debt funds, a trend that has remained stable.
2024 AdviceTech Report: Building a culture for digital transformation
Over half of advice firms have difficulty implementing digital projects. In Netwealth’s 2024 AdviceTech report, we explore how top-performing advice firms and innovative companies overcome these challenges and build their digital capability to unlock success.
How Netwealth is using advanced technology in its platform
Boost your business efficiency with enhanced platform features
At Netwealth, we're continually expanding and enhancing our platform features to help advisers increase business efficiency and staff productivity. Below are some of our latest features to help:
Multi-select accounts for bulk reporting
Don’t just run reports for individual clients, access all reports (including summary chart reports) and any reports you create for multiple accounts at once.
Find out howCustomisable report templates
Use an intuitive drag-and-drop interface to create your own reports to highlight the most relevant information and charts for your clients.
Find out moreReduce time responding to and managing important tasks
Easily view, approve, manage, filter and archive activities for you, your team and clients.
Learn moreConnect and integrate your data
With Wealth Exchange and Data Integrations, you can easily set up and manage third-party data feeds with over 25 data integrations.
Find out howResources
Workshops and tools for the firm of the future
Access workshops and tools to help your team innovate and deploy technology more effectively.
AdviceTech Roadmap workshop
Develop your AdviceTech roadmap by investigating and prioritising the different technologies available to your business.
Customer journey workshop
Use this full-day workshop to identify pain points in your customer’s experience with you, and identify digital solutions to address them.
Prioritisation matrix
When there are lots of technologies how do you prioritise them? Using this simple tool you can, by plotting them on our 2x2 prioritisation matrix.
Building a digital-ready organisation
Digital transformation is a challenge for many advice firms, but some businesses do it better. Based on Netwealth’s 2024 AdviceTech research, we look at the attributes of leadership and culture that impact a firm’s digital maturity.
Why your technology offer matters to family offices
Learn how your firm’s investment in technology can be offered to family offices to improve their operational efficiency, elevate reporting, support better portfolio and investment decisions, and improve family communication.
Sharpening advice firms for a competitive edge
Dean Lombardo, Founder & Principal of Effortless Engagement explains how re-engineering adviser processes could lead to better client outcomes and suggests that the best businesses are already using AI and other tools to enhance their client engagement and value proposition.
Watch: Building the digital advice firm of the future
Based on Netwealth’s 2024 AdviceTech research this presentation will provide you with the building blocks to embed digital and technology transformation into the DNA of your firm. Explore how to digitally transform your firm with Netwealth’s new Digital Maturity Framework, a tailored approach that ensures that your firm can leverage the full potential of AdviceTech to stay ahead in the industry.
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