Client expectations and appetite for technology is growing. To remain competitive and successfully navigate the future of wealth management in Australia, stockbrokers and financial advisers need to be proactive in their approach to adopting new technologies and innovation as part of their business.
As technology advances, it’s not merely enhancing existing wealth management services; it’s fundamentally reshaping how financial services are delivered. Digital platforms, fintech innovations, intuitive interfaces, and mobile applications are making wealth management more user-friendly and accessible than ever before. This transformation spans the breadth of the wealth management industry, from low-cost brokerage platforms to full-service brokerage houses. In fact, a 2024 study by Deloitte found that 70% of young investors and 67% of all investors are considering switching providers, with digital apps featuring among the main reasons for the change. Source: Deloitte’s 2024 Survey Results
Reducing the barriers of entry for investors
Once the privilege of a select few, the rise of technological innovation is expanding access to wealth management services to a broader range of investors, enabling the delivery of personalised, scalable financial guidance to retail and mass-affluent clients. This is particularly crucial for markets like Australia. At a recent Super Tech Conference, the IRESS panel estimated that 80% of Australia’s population doesn’t currently receive financial advice, despite roughly 30% expressing a desire for such services.
Improving the user experience
Tailored experiences: Technology is transforming wealth management by enabling hyper-personalised investment strategies and advice tailored to individual investor profiles and goals. Client portals enable advisers to deliver personalised advice at scale, providing real-time access to portfolio information, tailored recommendations, and secure communication channels that make them central to adviser-client engagement. As wealth management companies increasingly focus on improving client experiences, this shift towards hyper-personalisation not only fosters stronger relationships and trust, but also allows advisers to efficiently manage larger client bases while adapting to changing circumstances.
Comprehensive reporting: Investors benefit from tailored reporting that’s designed in a way to help with financial advice and literacy, delivered through technology enhancements. Chelmer’s Australian distribution partner, Suite2Go, recently participated in a panel discussion on using technology and innovation to improve access to financial advice. The discussion highlighted how the latest statement can be turned into a form of advice by not just focusing on the past period, but also looking at future projections for retirement or savings goals if you include whole of wealth. Additionally, recognising that different demographics prefer various engagement methods, innovative solutions offer multiple channels for interaction — from self-service portals for tech-savvy clients to traditional email delivery for those who prefer familiar communication to interactive visualisations that enhance understanding across all age groups.
Greater access to information: In today’s digital age, investors are seeking real-time digital engagement, expecting instant access to their financial information, automation combined with in-person advice, and the ability to interact with their portfolios on demand. The widespread adoption of digital tools provides investors with unprecedented access to real-time financial data, market insights, and direct communication channels with advisers. This technological shift means investors can now actively participate in their financial journey, leveraging up-to-the-minute insights to make informed investment decisions.
Cost: Leveraging technology to enhance stockbroker and wealth manager productivity can reduce the cost of service delivery while simultaneously achieving greater operational scale, which is translating into lower fees for investors.
Progressive, future-proofed technology
While the upfront investment in technology infrastructure can be daunting for stock brokers and advisers, not investing can be far more expensive in the long run. Wealth management firms need to weigh up the immediate costs against long-term benefits, such as increased efficiency, scalability, and competitive advantage. Without technology, firms may find themselves mired in time consuming administrative and manual tasks, hindering their ability to scale operations effectively. This technological stagnation can lead to stunted growth, limited market reach, and ultimately a weakened position in an increasingly digital-first industry.
The future belongs to those who blend financial expertise with technological agility, unlocking innovation-led value for clients.
Chelmer’s specialist wealth management technology, Myriad, provides a fully automated, highly scalable, end-to-end solution for wealth management. Importantly, as the industry, customer expectations and your business strategy flex and change, we evolve our wealth management software; adjusting configurations, adding new features and integrating the latest advances quickly and effectively.