Financial advisers who don’t harness the potential of new online technology will see their businesses flounder, and possibly fail, according to Navigator’s national key account manager, Stephen Trist.
Financial advisers who don’t harness the potential of new online technology will see their businesses flounder, and possibly fail, according to Navigator’s national key account manager, Stephen Trist.
A recent survey by Assirt Research highlighted most financial advisers surveyed are spending 18% of their time on administration and trainingš.
"For many advisers, this time could be cut down considerably by using online administration tools, which are designed to assist them or their staff quickly complete administrative tasks and move onto their real areas of business expertise - giving financial advice," says Stephen.
The past year has been a big one for the financial advice business, with all financial advisers required to obtain their Australian Financial Services Licence (AFSL). Some advisers perceived this as "too hard" and instead of making the necessary changes chose to leave the industry altogether.
This lack of desire to change has also led to many old fashioned advisers steering away from technology solutions because they are also "too hard" or "too convoluted".
"There are still too many old school advisers relying on paper based administration procedures which just delay the process for everyone. A basic fear of technology is no excuse for not providing top quality financial advice and support.
"Not only does this cost advisers time and money, it also costs their clients because the simple truth is they can’t be as reactive to market shifts or as client focussed as a ‘techno savvy’ adviser," says Stephen.
Many advisers believe their future success is linked to internet and are responding to new platforms and systems being opened up in the market every day.
"When talking to advisers, most agree technology will play an important part in their offering to customers and those who refuse to embrace it will struggle," says Stephen.
Customers are becoming more demanding in every area of business - they want top quality service and they want it quickly. Both advisers and financial service institutions have to provide this.
Meeting the market head on is Navigator with n-link - an online software package which links the adviser’s office to Navigator’s administration systems
More than 50% of advisers using Navigator have now used n-link and discovered its benefits. Time savings are already noticeable for these advisers, with 45% of all investment switches now made on-line.
"n-link is a tool designed to ensure advisers can do their business more efficiently, and this certainly means they can react to their customer needs with more speed. The feedback from advisers using n-link has been excellent and certainly proves on-line processing is the way of the future," said Stephen.
For more details on Navigator and n-link please visit navigator.com.au.
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š Assirt Research, Adviser Market Trends, Attitudes and Behaviour, Melbourne 2003.
For further information, please contact:
Simon Morgan,
Group general manager public affairs
(03) 9829 8892
0407 966 632
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia
- Globally, Aviva Australia is part of Aviva plc, the world’s fifth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$78 billion, and more than A$624 billion of assets under management (as at 1 July 2004). The group has more than 56,000 employees and 30 million customers worldwide
- The information in this document reflects Navigator Australia Limited's ('Navigator’) understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Navigator, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Navigator or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances.