Better online capabilities can improve financial planning services and the quality of advice for people with a lower income base, a key executive has told an audience of candidates in the IFSA Deloitte Future Leaders program.
Increased use of online facilities will cut down on unnecessary client contact for financial advisers that will, in turn, lower the fees for a client and allow planners to devote more time to improving the quality of advice, according to Deloitte Digital chief executive Peter Williams.
"We've looked at the situation and seen how you can deliver financial services with minimal contact from financial planners," he said.
The theory behind the approach focuses on initial fact finding and goal setting meetings an adviser always has with a client or potential client.
"Really all they are doing is saying what assets have you got, and what is your income so why don't you just let me fill that out on a web form," Williams said.
"We don't need the financial planner to do that because all we are doing is taking a set of data and applying some rules to it."
The formulation of financial goals can also be achieved online, according to Williams.
"I can automate what your goals are by being able to create an interactive tool," he said.
Furthermore it would allow financial planners to be focused on investment decisions instead of form filling and capturing data, he said.
