Planners urged to embrace cloud technology


An increasing number of financial advisers are exploring cloud technology as a way to open up new business opportunities, according to online portfolio management service Sharesight.

Andrew Bird, Executive Director of Sharesight, believes cloud technology benefits advisers by enabling planners to offer new service lines to both existing and new clients.

“Cloud computing allows planners and their clients to access portfolio performance and admin records online, on demand, from any computer in the world,” Mr Bird said.

“Services that automatically collect performance and tax reporting information also allow planners to access their clients’ up-to-date records instantly – meaning that advisers are freed up from the time-consuming admin work to concentrate on the roles they really enjoy such as portfolio construction and offering advice.”

Mr Bird also believes that cloud technology can open up new client bases for advisers.

“Cloud computing software can also enable planners to offer advice to investors on limited budgets as the admin and reporting work will already be done for them, reducing the cost to the adviser of servicing their needs. This means that clients can spend the hours they can afford with an adviser on more high-level issues than tax and record-keeping.

“According to the ASX, over 6.5 million Australians, or 39% of the adult population, directly own shares1. There is obviously a huge market of self-directed investors out there that financial advisers could support but I know from feedback from Sharesight members that many of those people feel they cannot afford the services of a financial adviser. However, using software such as Sharesight to reduce the admin burden on the adviser can make professional advice much more affordable.”

As the popularity of cloud computing grows, Mr Bird believes advisers will see increasing benefits from the interconnectivity the technology provides.

“More and more financial institutions are considering cloud computing as a service for their clients as it allows data to be entered into the system once and then automatically shared with other relevant, designated systems as needed. This will create both efficiencies and opportunities for planners when advising their client in future.”

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