The Financial Advice Association Australia 2023 Congress in Adelaide had a different kind of buzz from other conferences I’ve attended this year.
Perhaps because this event brought together advisers from the recently merged AFA and FPA, but there was a significance in the air—it felt like an event for professionals, not just another industry conference.
Over dozens of conversations with financial advisers from across Australia and through listening to exceptional keynote speakers, I noticed four positive trends for the advice industry.
Technology choice continues to broaden
New and innovative tech solutions are entering the financial services market, giving advisers access to a wider range of options across all aspects of their businesses. It’s encouraging to see most firms leveraging what’s on offer to gain efficiencies and propel business growth.
Intergenerational wealth transfer is front of mind
Advisers have a greater appreciation of the impact and opportunities this event will have on their business. They are actively searching for effective and affordable ways to engage with the children of their HNW clients to help ensure wealth they have helped to build doesn’t walk out the door.
Digital advice is seen as an adviser’s new best friend
Alongside other tech solutions, digital advice is being embraced as an all-around solution for practices. It assists in scaling their business without the additional drain on time and resources, complementing referral partner relationships, and engaging digitally savvy clients who are not yet ready or cannot afford complex advice. Recognising and avoiding burnout were key messages throughout the conference, and digital advice enables advisers to do more with less.
The future of financial advice is in good hands
Despite the oft-quoted statistics of a dwindling industry, I was encouraged to see many young, enthusiastic faces (and some of us with a tinge of grey) who truly believe in the benefits of professional financial advice and want to make a positive difference to the lives of Australians.
I came away from this conference feeling confident that the industry is evolving and finding its feet in this new realm of technology combined with human experience and expertise.
Fiduciary is an Australian Fintech and owner of accountantsGPS and moneyGPS—SaaS products that provide affordable, compliant digital advice and SMSF services, to Australians through; Institutions, Accountants, Financial Advisers, Superfunds and Employers.
Designed by finance industry stalwarts George Haramis and Drew Fenton and created by a team of tech heads, it combines all the brilliant parts of the financial services world in a simplified, user-friendly way.
accountantsGPS integrates with BGL’s API extracting data from BGL’s Simple Fund 360 SMSF administration software to produce a digital SMSF Check-Up report.
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