Adviser Technology Series

Adviser Tech Report

One of the most dynamic areas of disruption in wealth management is the tech stack supporting financial advice businesses. Technology, when it works, can make a business run more efficiently and with lower risk. But many advisers are deeply frustrated by their tech stack and with re-keying of data in particular.

NextWealth spent much of the past year speaking to advisers, paraplanners and admin staff in financial advice businesses to understand what works and what doesn’t in the adviser tech stack. The NextWealth Adviser Tech Stack report is the culmination of that work. It provides a state of the nation of adviser tech, covering platforms, back office systems, suitability and risk profiling, cashflow modelling and client portals.

Key Findings:

  • Platforms offer the best value for money among adviser tech providers, according to advisers. Back office systems score worst.
  • 46% of advisers that use a back office, use Intelligent Office. iO scores are mixed. Some firms love it while others give it negative reviews.
  • Client portals, better integrations and common data standards will reduce re-keying.
  • CashCalc and Voyant dominate cash flow modelling and get very good reviews.
  • Quasi integration is being used to control costs, boost profits and control the customer experience.
  • Some firms are returning a single source approach to tech as a result of poor integrations.

We will continue to chart the adoption and evolution of adviser technology on a half yearly basis.

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Complete the form below to download a summary of the report. Or get in touch to purchase the full report.

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