Financial advice changing of guard ‘positive’

In a statement, Ray McHale, founder of MyNextAdvice – a platform allowing advisers to collect client feedback – said reports of an exodus of advisers may have a silver lining.

“We’re hearing a lot about the impact some of the recent changes are going to have on planners, and that a large segment of the industry is considering leaving,” Mr McHale said.

“I think a changing of the guard is positive, particularly given younger planners are more willing to embrace technology, are generally more open to change and are focused on growing their client base. Their mindset is more suited to an increasingly fast-paced world.”

The comments come as Mr McHale has absorbed his Valuiza business into the MyNextAdvice business, rebranding under the latter banner.

The reorganisation of the businesses came as a response to the changes fintech services are driving within the industry, according to a statement from the firm.

“We can all agree that the Australian financial planning industry is going through a big shake-up,” the statement said.

“MyNextAdvice is embracing this change. In the last six months they have rebranded, brought on a new co-founder – Simone Poulter – and relaunched a new website, substantially modified their apps.”

The Valuiza app has also undergone a number of changes as part of the rebrand, with modifications made to its login process, pricing plans and survey invitation structure, Ms Poulter confirmed to ifa.

The company has also relocated to Fishburners in Sydney as part of the reorganisation.