“In the future all companies will be IT companies” was the throwaway line from a keynote speaker at an Amazon conference I attended. Will “people businesses” like financial advice become IT businesses? Can a robot do a better job? Firstly, the current financial advice process is slow and expensive. It can take months from an…
Every bank left financial planning in the wake of the Hayne Commission leaving a lot of money on the table to remediate clients for poor financial advice. Have the risk/reward dynamics improved in such a short time to tempt them to return? Deloitte’s Mark Ryan remarked at the Stockbrokers and Financial Advisers Association (SAFAA) Conference…
According to Adviser Ratings, only 12.2 per cent of the population used an adviser in 2019, down from the year before. ASIC wants to know how Australians can find affordable, quality advice and issued Consultation Paper 332 to find out. Firstly, what is affordable advice? ASIC report 224 found on average, consumers believe initial advice…
An adviser needs to know their client, products and the law before giving advice. In theory a Robot can do all of this, much of it more efficiently and all of it cheaper. Theory is becoming reality. Finchat has a voice based financial health check. Quotacy has a voiced-based Life Insurance quotation system and investment…
At the peak of tulip mania, in February 1637, some tulip bulbs sold for more than 10 times the annual income of a skilled artisan. Some have theorized that outbreaks of bubonic plague throughout the period caused folks to take chances they would not have ordinarily taken. Sound familiar? During the current pandemic stock markets,…
