There has been a lot of uncertainty for Financial Advisers, while they wait for the government to review the Quality of Advice Review (QAR) and to implement legislation to support changes to how financial advisers service their clients. As the year winds down, Financial Advisers could take this time to start thinking about how they can better manage their Fintech Stack in 2024.
Cashflow modelling software plays an important role in the development of a client’s financial plan. Having software that provides the financial adviser with the tools they need is critical to improving the efficiency of the practice.
Another important consideration is how quickly the financial adviser can create a short concise advice document. The government has already indicated that it expects the current Statement of Advice to morph into the Advice Record which will be shorter and simpler.
In addition, the government has indicated that they want Superannuation Funds to play a greater role in the delivery of financial advice. How this advice will be delivered and the qualifications of the person delivering the advice are unknown. While Superannuation Funds are unlikely to give significant advice to high-net-worth clients, they may disrupt the sales funnel to the adviser’s future clients.
Financial Advisers should be considering how they can compete.
Research New Financial Planning Software
Financial Mappers Pro has a very wide range of features that will almost certainly meet the requirements of any financial adviser. To find out more register on the Contact Page and request the password to access the Financial Mappers Resources.
Here financial advisers can watch the hour-long Demonstration Video together with an Overview PDF. These are supplemented with more short videos and PDFs explaining how best to use the software.
Advice Online is our second product. This has been designed in response to the QAR and it is a product all financial advisers should embrace to help compete with advice soon to be provided by Superannuation Funds.
Currently it is only economic for financial advisers to service the high-net-worth demographic.
However, it is anticipated that changes to the way in which financial advice can be given will open the untapped market of those who want to seek financial advice if they can afford it. This market is far greater in size and if the right software is used, financial advisers have a new revenue source.
I have found that many of these people have applied themselves to saving for their financial well-being and certainly have sufficient funds to warrant some guidance from a financial adviser.
It will be those financial advisers who see the opportunity who will benefit most.
To find out more, register on the Contact Page and request the password for Advice Online Resources.
I will be available for those who would like a demonstration of either Financial Mappers or Advice Online.
Glenis Phillips SF FIN
Designer of Financial Mappers and Advice Online