Stay updated with breaking news from Peter Worn. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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 Group's 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.