Phil Tarrant’s Post

The Australian Financial Review has taken a deep dive today into the role that digital advice will play in delivering affordable and accessible #financialadvice for Australian consumers. The Financial Services Council has established the Digital Advice Expert Group to lead this debate, with the implementation of advice reforms the immediate priority as digital advice is hamstrung by the same regulatory burden experienced by the broader advice industry. You can read Joanna Mather's detailed report below, with insightful contributions from FSC member Jacqui Henderson.

Thank you to The Australian Financial Review Joanna Mather and fellow contributors Blake Briggs Anthony Caneva Glenn Calder. This is an area that I am most passionate about - working with institutions in forming their Digital Advice Tech Strategy. Designing client/member experiences and advocating the impetus to adopt a scalable, digital financial service model - including navigating the regulatory parameters that affect Digital Advice. Globally, digital advice services are widely adopted, however, in Australia, we've had conflicts with capital-intensive innovation, lack of patient investment, and a long wait for the government to loosen legislative complexities so institutions can feel comfortable to make the necessary steps toward digital/hybrid advice service models. With recent announcements from Stephen Jones, and clearer direction forming, there is a lot to be delivered before May next year. We must enable institutions & superfunds at the forefront of consumer financial needs to scale advice to a critical mass. The argument that objectified banks returning to this space is no longer, digital advice can be programmed not to make the same mistakes that led these groups down the pathway to a Royal Commission. The market has undergone technological advancements that provide the opportunity of a new service model of advice to exist. This next wave of legislation needs to move quicker to support the broadening of advice topics that can be delivered via institutions digitally, safely, and at scale, as well as introducing a “new class of adviser” so more humans can support digital advice journeys. This is not to take from the incredible work that financial advisers do every day, but to enhance and solve the less complex advice needs at mass, as that is not a market traditional financial advice businesses play.

Reflecting on the recent UK media attention on the quality of service provided by the financial advice industry. One of the points being made concerns how many clients an adviser can reasonably service. The argument is that, once you reach a certain number, there’s simply too little time available to properly monitor and oversee a client’s financial matters. Now, I’m sure there are examples of shockingly poor service levels, as well as admiringly great ones. 🤔 What’s more surprising to me is that so few firms seem to have adopted adequate technology to properly empower their advisers to cope with the required work load. A vast majority of monitoring activities can be fully automated. (I know this for a fact as we have implemented this for several of our customers.) But not only that. Many recommendations that would be the result of proper monitoring, can be automatically generated. (Again I’ve proof of this working.) 🚀 A setup like this, where automatic recommendations can simply be approved or executed, frees up a lot of time. Time that can be used to tackle the more subtle aspects of financial advice, and to cover edge cases not handled by the automation. Also, arguably one of the most important role of the adviser is to provide a human interface to the sometimes complicated world of finance. Properly optimising the mix of human and machine when providing financial advice seems to me the opportunity of a lifetime. #wealthtech #financialplanning #financialadvice #uk

When you experience significant financial windfalls, such as from the #sale of a business, #private company #liquidityevents, #stockoptions, or the sale of highly appreciated #realestate, the benefits can dramatically boost your financial position. However, without careful #planning, a substantial portion of these gains could be lost to #taxes, specifically capital gains taxes. Over the last several months, we've been adopting new #technology to help new and existing clients with their financial windfalls. Effectively managing #capitalgains taxes can help you keep more of your windfall, optimizing short-term #liquidity and long-term #wealth #preservation. If you're experiencing financial windfalls, don't hesitate to contact us at Team@ShoreHavenWealth.com or (732) 447-9301.

Financial services firms are under significant pressure to retain advisors as the U.S. advisor population ages, industry consolidation continues, and organic growth rates slow, according to the J.D. Power 2024 U.S. Financial Advisor Satisfaction Study.

The financial system is central to unlocking economic growth. It’s time for policymakers to reassess whether the current regulatory framework is truly supporting the needs of businesses and driving growth. Could less restrictive regulation free up capital for investment, helping businesses thrive? Is it time for a financial regulatory rethink to help businesses and the economy grow? Read on for more: https://heyor.ca/346ADl #EconomicGrowth #BusinessFunding #FinancialRegulation #UKEconomy #FutureGrowth #FinancialPolicy #BusinessSupport

The financial system is central to unlocking economic growth. It’s time for policymakers to reassess whether the current regulatory framework is truly supporting the needs of businesses and driving growth. Could less restrictive regulation free up capital for investment, helping businesses thrive? Is it time for a financial regulatory rethink to help businesses and the economy grow? Read on for more: https://heyor.ca/346ADl #EconomicGrowth #BusinessFunding #FinancialRegulation #UKEconomy #FutureGrowth #FinancialPolicy #BusinessSupport

The future of financial advice is here! According to a new Deloitte report, GenAI tools will be the primary source of investment advice by 2027. Advisors must adapt or risk being left behind. https://hubs.la/Q02B_7jt0

The Prabowo Subianto-led new government should prioritize financial inclusion as it is expected to provide financial products and services that are accessible and affordable to all individuals and businesses, an economist suggests. Read more: https://lnkd.in/g6_iUjyz

Did you know that 30% of advisers reported a 'significant impact' on their day-to-day work because of poor service from platforms? ❓ As just one of the shocking statistics from our latest report with the lang cat on the impact of poor service, it makes for quite the eye-opening read 👀 To discover more about what the findings revealed, check out the article in Financial Times Adviser below ⬇️ 🔗 https://lnkd.in/eVUY7nvq For financial professionals only #ImpactOfPoorService #CustomerService #CustomerExperience #FinancialServices