FOFA debate distracting advisers: PractiFI

PractiFI co-founder Adrian Johnstone said in a statement that if advisers harnessed technology to manage relationships, engagement between the industry and clients would improve.

“Every adviser wants good relationships with their clients, and the average Australian doesn’t know or care about FOFA, but for those of us in the industry, FOFA has dominated the conversation and our attention for far too long,” he said.

“We’ve missed a huge opportunity for technological advancement in the single most important aspect of our businesses: our client relationships,” he added.

According to PractiFI, the financial adviser industry needs to catch up on contemporary standards of customer relationship management (CRM) technology in order to regain ground lost over recent years.

Mr Johnstone said that although the wealth industry has typically spent big on technology, the “proliferation of out-dated, inflexible software” is evidence that the industry has fallen behind what’s possible.

“The number one aim of PractiFI is to bring the best of contemporary CRM features to a neglected industry, allowing advisers to strengthen their relationships and improve business management,” he said.