AdviceTech and the staff experience
Exploring the human side of technology
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The link between AdviceTech and staff satisfaction
Too often the impact that technology has on the staff of a firm – on the people who live with the technology day-to-day, who implement it, who grapple with integrating sometimes disparate technologies, and who apply it in a practical sense within a business – is overlooked. The 2022 AdviceTech Staff Experience Report reveals that AdviceTech has an effect not only on the advice firm itself but on the people within the firm – and in turn, how the people within the firm relate to AdviceTech has a clear impact on how they serve clients, and therefore on client satisfaction. As in previous reports, we will benchmark firms overall against our AdviceTech Stars, so we can learn from them.
Stats
Key insights on staff and tech
Firms agree that there is a strong link between good technology, its implementation and staff satisfaction. Here are some key insights from our 2022 AdviceTech Staff Experience Report indicating their beliefs.
Staff satisfaction is linked to AdviceTech usage
86.8% of advice firms agree that improved staff satisfaction leads to improved client satisfaction. However, only one in 10 (11.1%) say their staff are very satisfied with their business’s technology systems.
Technology helps firms to recruit and retain top talent
More than half (53.8%)of advice firms agree that having great technology helps them to recruit and retain top talent.
Working from improves productivity and job effectiveness
Over half (57.4%) of advice firms say that working from home has improved the work/life balance of their staff, and mental health (35.6%). Productivity of staff has also improved for almost half of all firms (46.7%).
An integrated tech stack improves staff satisfaction
Over three-quarters of firms (78.2%) believe an integrated tech stack improves staff satisfaction and leads to improved teamwork and collaboration within the business. However, less than one in 10 firms (6.9%) describe their technology stack as ‘a highly integrated system of technologies.’
Staff training should be part of tech implementation
Only one in 3 advice firms (35.6%) believe their staff consider themselves masters of the AdviceTech they use. With six in 10 (59.4%) firms looking to hire more staff in the next 5 years, training new staff on tech is critical.
AdviceTech has benefits for staff and the business
Advice firms recognise the many benefits of technology go well beyond productivity. Around three-quarters of firms believe that well-implemented AdviceTech leads to improved teamwork and collaboration, and over 60% of firms believe it can lead to happier and more engaged staff, as well as improved mental wellbeing of employees.
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Reports
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Discover how Netwealth can help you on your AdviceTech journey
Talk to someone at Netwealth today to discover our latest technology and innovations and how we can help you on your AdviceTech journey.
Masterclasses
Watch the AdviceTech Masterclasses
Listen to experts sharing their insights on AdviceTech in relation to staff, clients and technology partners.
Attracting, retaining and growing staff talent with tech
Watch Alisdair Barr, Striver's Founder & CEO explore global issues and trends in managing staff and how technology and the hybrid work environment really work together. Learn the best techniques and digital tools being used to attract, retain and grow talent.
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Automation, Authenticity and the Future of Client Engagement
Watch Julie Littlechild, Absolute Engagement's Founder & CEO, share her firm’s latest research on the drivers of client engagement. You’ll learn how how advisers can increase automation (i.e. efficiency) without losing deep relationships.
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Navigating technology selection and implementation
Join Hamish Hockley & Shane Kirsch from Opex as they unpack the key considerations for advice firms when choosing technology and suppliers to maximise efficiencies and manage change.
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Unleashing the potential of your advice firm with Netwealth
Join Beverley Cederberg as she dives into the latest features and enhancements of the Netwealth platform to get a better understanding of how technology can be used to accelerate wealth advice.
Watch the presentationAdviceTech Resources
More AdviceTech resources
Take a closer look at more AdviceTech related resources in our collection of whitepapers, workshops, articles and podcasts.
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.
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Podcast
Capitalising on data with wealth technology
Listen to Paul Campbell, Managing Director of Xeppo, as he shares the important role of data for business efficiency, using data insights to unlock opportunities, approaching data strategy and what to think about on the next technological roadmap.
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Podcast
Connecting staff and technology to scale wealth firms
Hear Catherine Robson, Founder of Affinity Private Advisors, discuss why recognising your leadership style, building relationships with staff and harnessing technology is crucial to scaling a business.
Listen now
Article
How to decide whether to buy, build or partner
Should you build your own fintech product, buy one off the shelf, or partner with a technology provider to develop a customised solution? This article will help you to make the right decision for your fintech project.
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Article
Embracing AI: Practical next steps for advisers
The evolution of artificial intelligence (AI) has fascinated people across the world, but as automation progresses and AI takes over certain expert roles, people are becoming genuinely afraid for their jobs and livelihood.
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Demo day
Netwealth's AdviceTech solution
Understand how Netwealth can help you see wealth differently and learn how we can support you with market leading technology, excellent customer support and expertise to help your wealth and advice business thrive.
Request a demo now
White paper
The Established Affluent
In Netwealth's 2022 Advisable Australian Report we pay special attention to the Established Affluent, some of the wealthiest and most well-established Australians, and provide a playbook for financial advisers on how to attract, advise and service this key target market.
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White paper
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For wealth businesses to thrive in the future, The Emerging Affluent is a critical market to be aware of and develop key client strategies for. This report is a playbook on how to attract, manage and retain The Emerging Affluent.
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