IFA: How advice firms are bridging the advice gap with technology
Advice businesses need to embrace technology to service clients for whom their services are currently unavailable due to cost, according to a fintech boss.
Research released by the Association of Superannuation Funds of Australia (ASFA) in July found that 18-to-34-year-olds are significantly more likely to seek financial advice via social media than any other age group and are more likely to fall victim to online scams.
As many are driven online for help due to an inability to afford to access professional financial advice, chief executive of DASH Technology Group Andrew Whelan reflected on how the advice profession has reached its current state.
“Clearly, it would be ideal if everyone could speak to an adviser or a trusted source of some sort, but the regulations have made that near impossible. Post-FOFA, in 2011, was where it really started to get really onerous for advisers, and that royal commission didn’t help,” Whelan told ifa.
Click here to read the full article.