Fintech founders respond to FPA white paper

Last week, the FPA released a white paper arguing that fintech progress cannot be fought and should be embraced by the financial advice community.

In response, a number of entrepreneurs have responded favourably to the paper’s findings.

"It's great to see so many fintech businesses trying to make it easier for advisers to help clients,” said Joel Robbie, founder and chief executive of Nod.

“It'd be great to see more interconnectivity between all these solutions to help the ecosystem to grow faster.”

Six Park co-founder Pat Garrett said his organisation welcomes the report and the opportunities it outlined.

"Financial planners who embrace the opportunities that fintech offers will be better equipped to adapt to consumers' changing needs and remain relevant,” Mr Garrett said.

SuperEd co-founder Hugh Morrow said technology could help advisers broaden their client base.

"Planners today can fall into the trap of being far too focused on high-net-worth individuals, the A and B segments of their client base, due to the rising costs and complexity of providing their services to a broader pool of Australians,” he said.

“There is a real need for planners to have solutions that can cater to lower balance clients with less complex needs across the spectrum.”