Report: adviser tech report shows changing needs

Investment Trends’ latest Adviser Technology Needs Report has found that new inflows by advisers into platforms decreased somewhat to 71 per cent on average, down from 76 per cent in 2021, with long-term trends remaining stable. Seventy-three per cent is expected in three years.

Advisers are using multiple platforms more than ever, with a 10-year average of three, making integrated platform software a key matter of importance. Secondary platforms are benefiting at the expense of primary platforms, with advisers saying they care more about fees and charges and needs for efficiency - a stark rise from 34 per cent in 2021 to 45 per cent in 2022. Reliable technology is also of key importance, with another big jump from 30 per cent to 43 per cent in 2022.

Overall platform satisfaction dropped from 72 per cent in 2021 to 67 per cent in 20223. A lack of support was cited as a major reason for the dissatisfaction, with advisers looking to platforms for improvements in administration, accuracy and service such as contact centre staff technical knowledge and turnaround times for transactions.

With advisers spending a significant amount of money per year on technology, and looking to increase this spending by $70,000 on average, competition is fierce.