YTML: Make technology the solution it can be

Kevin Liao

Kevin Liao

Financial advisers need to ‘get active’ and partner with their technology solutions if they want to engage the 80% of Australians who currently do not get advice, according to leading IT solutions firm YTML (Your Technology Made Lite).

For advisers, this means bringing together their great personal skills with technology tools such as websites to drive more engagement in financial advice.

Speaking at a Meet the Innovators session at the Association of Financial Advisers (AFA) conference last week in Canberra, YTML CEO Kevin Liao said while technological innovation is alive and well in the advice industry, many of the new technologies are focussed on more efficiently servicing the 20% of Australians who already get advice, rather than on helping advisers reach the 80% of people who do not get advice.

“It probably sounds a little strange coming from a technology provider, but while there are a crazy number of fancy, cool, new technologies out there such as robo-advice and digital advice, the reality is all these technologies are relatively passive.”

Mr Liao said even trendy Search Engine Marketing or SEM, which is designed to attract consumers to websites for a fee, is a passive use of technology, likening it to delivering a printed ad brochure into a mail box.

“It’s a blind sell with typically low return and may attract invalid leads, particularly if, for example, your practice is based in Sydney CBD and a lead calls from Dubbo.”

In comparison, by partnering with technology and websites, advisers can seek proactive opportunities to spread the word about financial advice, driving engagement and elevating trust.

Mr Liao says this could be spending a weekend a quarter to communicate with a group that may not have much contact or exposure to the advice profession – for example, a community group or sports club – on what financial advice is, how financial advisers add value and the benefits of getting financial advice.

“At these sessions, make sure to tell the group to go to your website for more information or provide a card or pamphlet with a unique link that takes them straight to the content that was discussed.”

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