Page 2 - Advice Intelligence News Today

EXCLUSIVE A lack of regulatory confirmation is making it difficult for firms to move into the digital advice space, according to abrdn, and changes under Quality of Advice Review this week won’t yet lead to real progress.

One of Australia’s leading providers of digital advice solutions has entered voluntary administration.

A new industry association founded by four digital advice providers has been initiated to support the Quality of Advice Review (QAR) proposed reforms and serve as a united voice before government.

Four digital financial advice pioneers have formed a consortium to represent the nascent market to the federal government ahead of its response to the Levy review.

SMSF modelling and investment data feed functionality have been added to Advice Intelligence’s WealthMap service. Further building out the platform’s capabilities, the advice fintech continues its drive to make digital SOAs a more attractive services than paper-based documents.

Despite ‘adviser exodus’ commentary, now is a good time to start a financial advice practice because there are more referral partners looking for an adviser, says the founder of Diverger Wealth.

Experts predict that many of the niche wealth technology providers in the market won't be around by the end of the year as market forces take their toll, but some of those providers are thinking outside the box in an effort to remain viable.

Investment Trends analyst, Ian Webster, said that while local advice technology developers were focused on lifting practice efficiency and anticipating future changes in advice delivery models, there was emerging competition from applications likes the Salesforce-based Wealth Connect and Intelliflo’s Intelligent Office from the UK. “It is a trend that is likely to grow,” he said. “Now more than ever, advice firms have access to an array of globally available, low-cost digital services t...