Financial planning firms will struggle without investment in technology

According to Findex, financial planners and licensees must continue to invest in technology and try to incorporate a trusted advisory model with a holistic view.

The company’s chief operations officer, Tony Roussos, said investing in technology is critical to avoid overwhelming planners and that the holistic view is what customers need and want in the future.

“I see where larger institutional companies may not be attractive to consultants. We obviously have a different point of view where we try very hard to provide a bespoke service to our customers and we want to do this in the most rigorous collaborative and communicative way with our customers and technology plays a really important role, ”he said.

“It is really important that our consultants and our employees are not burdened with inefficiencies and that they make sure that they can do their work really efficiently. Because of our size, we can invest in our systems, and we’ve been doing that for a long time. “

“I think larger institutional firms in the financial planning world that don’t invest in technology or incorporate the advisory model so that it is more holistic will continue to have problems. Smaller companies that do not advise efficiently or do not consider the trust model will also have difficulties. Because customers are looking for the entire range of services. “

Roussos emphasized that customers usually have many consultants with different responsibilities, but who work for different companies.

“In our business they are all under one roof and they are all integrated into one system,” he said.

“In my opinion, customers are becoming much more demanding and more secure about their financial needs or their interest in taking care of their financial affairs.

“I firmly believe that for us as a company you have to ensure that we offer integrated and trustworthy advice that is supported by a broad range of specialist knowledge.”

Offering full and non-wealth services and around 100 offices, Findex was one of the largest wealth accounting groups in Australia and also offered integrated delivery methods through its family office model.

“We can offer the services across the entire spectrum, that is, we not only offer services in the wealth sector, but can also advise in the areas of advice for small and medium-sized companies,” he said.

“When you look at family offices services, they are usually really intended for the more discerning larger families, and typically those who have more than $ 300 million to $ 500 million, everyday small and medium-sized businesses and family clients looking for strategic advice . “

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