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As platform technology develops, the race to become the one dominant platform for Australian advisers is just heating up. In the US, it’s already well underway, with the number of advisers consolidating platforms rising more than 50 per cent in four years.
The online investment industry is growing rapidly, and a whole new set of providers are offering investors different ways to invest in different markets with low-cost, innovative fee arrangements.
In the AI-fueled rally, some companies will win and others will disappear. But while some parts of the market look hideously expensive, their long-term prospects might justify their valuations.
Advisers now spend a staggering amount on technology in an effort to keep up with efficiency needs and client expectations. Security is still front of mind, but integration is the buzzword for 2024.
The relative lack of adoption in advice isn’t particularly surprising given its volatile nature and the unregulated state of the digital asset sector. But that may be about to change.
You don’t need to invest in the world’s most expensive stocks to benefit from the AI boom, with the sector’s tentacles stretching much further than the chip-making titan according to Martin Currie.
Artificial intelligence might be better at gathering and storing knowledge, but incorporating wisdom into an investment approach (or abandoning it altogether) remains the exclusive domain of humans – for now.
The task of standing out in a crowded market place is not getting easier for product providers. Generative AI may hold the key, Michael Kollo says.
From organisational improvements to client “nudges”, the potential for AI to transform advice businesses is limitless according to Netwealth’s Andrew Braun.
While technology’s role in compliance is becoming more prominent, advisers and brokers are still looking for clarity on what vehicles will carry that technology.
The potential for artificial intelligence to aid the delivery of financial advice is being recognised globally, and should lead to a “redefinition” of the sector according to commentators.
As the world turns towards critical minerals like lithium to power electric vehicles, alternative access to investment in these sectors will become crucial pieces of the supply chain puzzle.
