2023 AdviceTech Buyer's Guide
A deep dive into technology and AdviceTech suppliers being used by advice firms today
Download the guideOverview
Make better AdviceTech decisions with our 2023 AdviceTech Buyers Guide
Technology is a powerful force shaping how businesses connect with clients; however, the process of selecting and implementing new technologies can be daunting, especially when dealing with intricate systems that impact multiple stakeholders.
- Based on our in-depth research from over 250 advice firms, the 2023 AdviceTech Buyers Guide aims to help advice firms on this journey by providing:
- An in-depth understanding of technologies that matter, highlighting shifts and trends within Australian advice firms.
- The opportunity to benchmark tech usage and supplier adoption against 'AdviceTech Stars' who are high-performing firms at the forefront of technology adoption.
- An overview of over 30 available AdviceTech solutions, with their key features, benefits and top used suppliers.
This image shows an example page from the Buyers Guide, featuring a comprehensive description of the tool affecting advice businesses, their benefits, applications, and the suppliers you should be thinking of.
Insights
AdviceTech trends that matter now
In this year's AdviceTech Buyers Guide, we've uncovered several tech trends impacting advice firms.
84% of advice firms plan to invest more in AdviceTech next year
This year, spending on AdviceTech by advice firms remained consistent, but there is optimism for increased investments next year. This optimism stems from a growing understanding that technology can enhance the client experience and business efficiency.
95% of advice firms say that AdviceTech adoption has primarily benefited clients
Both advice clients and firms are benefitting significantly from AdviceTech adoption, including improved client engagement, communication, advice quality, scalability, and more. However many firms still have partially integrated technology stacks but express a desire to improve this to improve this more.
81% of advice firms stated that staff satisfaction is a benefit of great technology adoption and implementation
Staff satisfaction is a positive outcome of successful technology adoption, contributing to better retention, engagement, teamwork, happiness, and well-being, as well as providing opportunities for creativity and innovation.
Discover how Netwealth can help you on your AdviceTech journey
Talk to someone at Netwealth to expand your knowledge of the tech solutions available today, get inspired with innovative approaches to improving efficiency and client relationships, and discover how Netwealth can assist you on your AdviceTech journey.
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2023 AdviceTech Report: Humans with Machines
Download Netwealth's AdviceTech report, Humans and Machines, provides a detailed examination of the role artificial intelligence (AI) and adjacent technologies will have for advice firms. We draw on extensive research to provide areas of focus, detailed examples and useful tips so you can deploy AI successfully into your practice today.
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:
Easily manage annual fee consent with tools
Advisers can submit fee consents and renewals online by uploading signed forms or following renewal steps,
Find out moreUse enhanced performance reports
Now client portfolios can be benchmarked against pre-set benchmarks or custom objectives.
Find out howReduce time responding to and managing important tasks
Easily view, approve, manage, filter and archive activities for you, your team and clients.
Learn moreImprove client analysis with bank and property data feeds
Your clients can now build a complete picture of their financial wealth with Netwealth's client portal.
Find out howAdviceTech Resources
More AdviceTech resources
Take a closer look at more AdviceTech related resources in our collection of workshops, articles and podcasts.
Article
Adopting AI into your practice today
Advanced technology platforms, AI and big data are converging and are ready to transform the advice industry. Understand the different ways advice firms can use AI in their practice today.
Article
Humans, machines and the rise of AI
Machines and humans have worked together for centuries and the new breed of supercomputers and AI are set to supercharge advice firms – staff productivity, business ingenuity, innovation and the client experience.
Article
A short explainer of AI
While it seems to be everywhere, AI has been a long time coming. Learn why Bill Gates thinks that what is happening in AI just in the last 12 months is every bit as important as the PC, the PC with GUI, or the internet.
Podcast
Harnessing the power of AI in the advice industry
Dr. Micheal Kollo, CEO of Evolved Reasoning, shares the capability of AI to translate complex financial data into intuitive client reports and how financial advisers can harness the potential of tools, like ChatGPT, without compromising sensitive data.
Podcast
Evolving the client value proposition with technology
Matt Heine, Netwealth's CEO and Managing Director, jumps into the hot seat to be interviewed by Peita Diamantidis on the Ensombl AdviceTech podcast. They discuss how advisers are using technology to differentiate their offering and build their client value proposition.
Workshop
AdviceTech Roadmap workshop
Develop your AdviceTech roadmap with this free AdviceTech Roadmap workshop. A 90-minute team activity designed to help you prioritise technology solutions and develop a technology adoption strategy for your business.
Explore other AdviceTech tools used by wealth professionals
- Accounting software
- Cashflow, budgeting and account aggregation tools
- Client portals
- Cloud-hosted document storage and sharing services
- Cloud-hosted email and communication services
- Commission management software
- CRM software
- Database and system integration technology
- Digital signature tools
- Email campaigns and newsletter management technology
- Investment research tools
- Managed accounts
- Online and mobile advertising
- Online fact-find and risk profiling tools
- Presentation software
- Scaled advice technology
- SMSF administration software
- Social media management tools
- Social media networks
- Superannuation and investment platform
- Survey and client feedback tools
- Task, activity and project management technology
- Virtual online meeting tools
- Website management and blog tools