Aussie wealth market set to stabilise

UK-based advice technology provider intelliflo believes Australia’s advice market will “echo” the UK market and enter a period of sustained growth, albeit at an accelerated pace.

“Following a period of significant upheaval, which saw adviser numbers fall and larger players exiting advice, the UK advice industry took two to three years to turn around. What has emerged is an industry that is both more efficient and more professional, with an increasing number of Britons seeking advice,” said Nick Eatock, intelliflo CEO and chairman.

The UK advice landscape has been “transformed” by major regulatory reforms over the last decade, including the 2021 Retail Distribution Review, which restructured financial commissions, and the General Data Protection Regulation in 2018, which increased the need for data accuracy and fee transparency for investors.

“We expect Australia to follow a similar trajectory but perhaps at a faster pace, given the level of technology adoption we have seen across the industry during COVID-19. There are great synergies between the UK and Australian financial advice markets in terms of adviser needs, regulatory reforms and market dynamics,” said Johann Koch, intelliflo international business development director.

Centrepoint Alliance recently announced a partnership with intelliflo, which will see it deploy its open architecture technology to advisers within the licensee.