Peter Worn News Today

Artificial intelligence is perhaps the most transformative technology since the advent of the internet, poised to herald an unprecedented digital economic revolution. To appear at the precipice of the movement, some are employing deceptive tactics tantamount to AI washing, experts say.

"AI mania" will over-promise and underdeliver for financial advisers, while superannuation funds are tipped to give digital advice a boost, Finura Groups 2024 predictions reveal.

Advice practices are relying on platforms to offer more services than just investment management according to research from Investment Trends and Finura Group. This shift could have broader implications for the tech market which is already seeing increased competition servicing a diminishing number of advisers.

The backdrop of a shrinking adviser base has made business growth in Australia a challenge for advice tech providers, and wealth tech consultant Finura Group predicts foreign companies have begun to realise the local market and superannuation system presents a unique set of complexities.

Three consulting firms have joined forces on a submission to the Quality of Advice Review, highlighting the need to follow the UK’s regulatory model of clearly labelling the difference between restricted advice and independent advice models.

Investment Trends will join forces with an independent global technology consultancy to deliver new research into financial services technology. Alongside Finura Group, Investment Trends share the b

Investment Trends will join forces with Finura Group to deliver quantitative research for clients who want deeper insights into financial services technology.

Industry market research firm, Investment Trends, and global technology consultancy, Finura Group, are working together to deliver quantitative research on digital technology in financial services.

The makeup of staff in advisories will need to radically change as more affordable cloud-based computing speeds up the advice generation process, according to Finura Group.

Open data ecosystems designed by tech giants will drive down the time taken to produce advice, and the most important decision an advisory can take is choosing to adapt with it, according to Finura Group.