Matt Lawler
AMP has released its Digital Financial Advice Market Scan, a report examining the current digital advice landscape in Australia.
Commissioned in partnership with KPMG, the report is intended for use across the industry to help further the development of digital advice technology, recognising its importance to helping make advice more affordable and accessible.
The report looks at the innovation that has occurred across the industry, and the barriers and opportunities for digital advice. It also considers the role of fintechs and their vital role in helping drive the growth of the industry.
Other findings from the report include:
- Almost half (44%) of financial advisers today offer a hybrid or flexible implementation model, and there is opportunity for advisers to leverage technology to generate better outcomes for customers across engagement and implementation.
- The desire for greater channel access and customer experience consistency is critical as 44% of advisers now employ digital solutions via their own implementation services.
- Cybersecurity is also a primary concern with over 1 in 2 advice providers (56%) listing cybersecurity and data protection as one of their top three enterprise priorities.
Matt Lawler, AMP Director of Advice said: “We often see digital advice versus face-to-face advice as binary. In reality, clients are likely to move in and out of different forms of advice over time.
“Practices have the same issues with cost to serve of financial advice as large institutions and superannuation funds, so supporting all players to provide a service that ‘nurtures” clients along the advice spectrum is core to how we think about solutions in this space.
“Understanding the full spectrum of financial advice that clients are looking for and how face-to-face and digital advice interplays is critical. As is the support of fintechs seeking to solve these problems for the advice industry to provide simple and scalable solutions.
I’m encouraged with the quality of the providers working to simplify the advice process for more Australians.”