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This is the presentation on "The Future of Advice" delivered by Sean Graham, Assured Support at the ASFA National Conference. ASFA (The Association of Superannuation Funds of Australia) is the peak industry body for the superannuation sector.
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The Future of advice
Sean Graham Director, Assured Support
Parallel session 4E
“It’s tough to make predic>ons, especially about the future”
Yogi Berra
Click to edit Master >tle style
Technological innova>on has both stark and subtle impacts: it drives sustaining innova>ons, empowers disrup>ve innova>on and, when widespread, significantly changes consumer behaviour.
Disrup>on, innova>on and evolu>on
The Provider’s lens
Interac>vity
Competence
Profitability
Compliance Capabili>es
Segmenta>on
In>macy
Convenience
Accessability
Simplicity
Interac>vity Credibility (Privacy)
Credibility (Security)
In>macy
The Consumer’s lens
Click to edit Master >tle style
The Provider’s lens The Consumer’s lens Convenience
Accessability
Simplicity
Interac>vity Credibility (Privacy)
Credibility (Security)
In>macy
Interac>vity
Competence
Profitability
Compliance Capabili>es
Segmenta>on
In>macy
• Regulatory change disrupted the UK advice market and it’s s>ll in transi>on • Tradi>onal advice models have been revised
– Barclay’s pulled out of some retail opera>ons – Lloyds have embraced a “digi>sa>on” strategy and pursued automa>on
• In the US, technology has allowed new entrants to “disrupt” the advice market (with varying degrees of success)
Interna>onal
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“I realized how upside down the world is when it comes to average investors accessing investments.” Founder and CEO of StockSpot, Chris Brycki
In our backyard
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“The finder.com.au team is dedicated to helping Australians find beUer. We hope that through insights from our money experts, you will learn more about your finances and feel empowered to change for the beUer.”
In our backyard
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Prac>cal informa>on and accessible advice – without the hard sell.
In our backyard
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Freeing licensees from the burdens of compliance
“However, technological developments also raise some challenges and risks for financial stability and regula>on.. [for] ensuring that non-‐tradi>onal entrants are appropriately regulated without imposing unnecessary burdens on innova>ve technologies.”
ASIC, Regula>on and Innova>on
• Radical simplifica>on • Consumer expecta>ons will drive redefini>on and evolu>on
– More transac>onal and scaled advice – More coaching (less paternalism) – Integrated and modular advice – More distant/on line advice – more focus on in>macy, interac>vity & security
• New avenues for current players
The Future of advice
