If it’s true that where the US goes so goes Australia but on delay, Dan Moisand has some positive news for Australian advisers about the impact that fintech, and robo-advice in particular, is likely to have on their businesses.
The principal of the Melbourne, Florida, financial planning firm Moisand Fitzgerald Tamayo, and past president of the US Financial Planning Association, says he is “so sick and tired of hearing about fintech taking over the world, [in] every magazine and newspaper, day after day after day”.
“All [advice] firms are getting more tech-savvy,” he says.
“They’re using tech more efficiently. But we’ve been doing that my entire career – it’s just that the tech has changed.”
Moisand visited Australia in late August with 14 other financial planners from the US, on a study tour organised and hosted by Hari Maragos, principal of the Melbourne, Victoria, financial planning firm Victoria Wealth Management, and VFM’s practice manager Genevieve Rose’Meyer. Four members of the delegation took part in a round table discussion at Clearview’s head office in Sydney.
Adept at adoption
Moisand says technology has consistently improved advisers’ businesses over decades and will keep doing so. But it will be evolutionary, as advisers adopt new developments only if they improve the face-to-face, human aspects of advice.