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Paul Barrett, CEO of AZ-NGA Group, highlighted the impressive $105 billion managed under the financial planning group Entireti. Barrett envisages a scenario where such formidable scale will allow advice platforms to negotiate more favourable terms with fund managers and financial service providers. He asserts that as the sector evolves, advice platforms will gain unprecedented influence in the industry.
Alongside Barrett, experts including Oreana's Managing Director Jonathan Christie, Fiducian's General Manager for Professional Standards Richard Press, and AdviceIQ General Manager Paul Harding-Davis discussed the evolving role of technology in financial advisory services. A notable trend is the transition from established platforms like Iress' Xplan to tech giant Microsoft, emphasising the growing importance of data capability and technology.
Jonathan Christie of Oreana emphasised the critical role of technology as a growth catalyst over the next decade. He pointed to Microsoft's pivotal role in the industry, advocating for a shift of CRM and client data into Microsoft's environment to enhance business capabilities. Christie indicated that transferring data from Xplan to Microsoft's infrastructure is essential for leveraging advanced technological tools.
According to Christie, technological innovation not only represents a necessary investment but also serves as a critical cost lever for firms striving to maintain competitive budgets. Richards Press of Fiducian echoed this sentiment, revealing the group's strategic investment in both in-house technology development and expanded use of Microsoft tools to enhance service delivery.
As financial advisory firms navigate these technological transitions, the integration of advanced platforms promises to redefine how advice is delivered, enhancing efficiency and client outcomes. The anticipated transition underscores a broader industry shift towards leveraging data and technology to drive business growth and customer satisfaction.
Published:Friday, 28th Mar 2025
Source: Paige Estritori
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