Advisers struggle to integrate new technology offerings into their practice because there are too many software choices in the industry, says advice consultancy YTML.
Speaking at a media roundtable in Sydney yesterday, YTML director Terri Ho said technology remains a challenge for advisers and licensees because there are too many software options, not because they think it’s too hard or they don’t want to embrace it.
Ms Ho said the problem with too many software choices is that advisers do not know how to combine and integrate them effectively into the running of their own practice.
She noted that another problem is the fact that many software and applications “don’t talk to each other”.
“They all work in silos. There is so much fantastic software out there and they all can make such a big difference to an adviser’s life,” Ms Ho said.
She noted this occurs in insurance advice, where advisers need to provide and compare quotes with clients.
“That’s a bit of software on its own, but it doesn’t necessarily speak to the financial planning software you’re using,” she said.
Earlier this year, YTML teamed up with risk software provider Omnium to improve its life insurance software offering to advisers.
YTML said the advice industry will struggle to take the next major step in its evolution unless technology providers collaborate in solving the operational frustrations which has long characterised the advice industry.
YTML chief executive Kevin Liao said collaboration starts with software providers being receptive to the notion of working together.
“We then need to have an open dialogue and challenge ourselves on how we can leverage our respective complementary strengths to create solutions that make it operationally easier to deliver advice,” Mr Liao said.