A Netwealth study found that improved staff satisfaction is related to the adoption of better technology.

of the platform 2022 Advice Tech Report, A study conducted in conjunction with CoreData showed that most advice firms use an average of 14 technologies in their operations, with most staff using them at least daily.

Approximately 78% of those surveyed agreed that an integrated tech stack (a seamless combination of related tech systems) improves staff satisfaction.

Additionally, the study found that hybrid home office environments require “good” technology and that a training process that includes adequate time to learn the software should be part of the technology implementation strategy. I understand.

The study aimed to identify the impact of technology on staff, looking at how email, Microsoft Teams, investment platforms, payroll systems, and customer relationship management (CRM) systems are intertwined in operations. Did.

Matt Heine, managing director of Netwealth, says the impact of technology on staff satisfaction is not given enough consideration.

“When we think about improving employee satisfaction, our focus is often on raising wages, improving employee culture, granting more time off, or offering other employee benefits. ,” he said in a media release about the findings.

market for ideas

While some technologies (such as Microsoft Office) are industry agnostic, advisors rely on job-specific platforms and CRM systems, each with their own strengths and weaknesses.

According to a recent study by Investment Trends, advice firms use three platforms on average, and industry feedback indicates that they are not well standardized to support the use of multiple systems. increase.

Additionally, many tech companies in the advice industry are looking to M&A to scale in low-margin industries, including Netwealth.

The Covid-19 pandemic has only raised client expectations for technology as other professions such as doctors and accountants have become more flexible in their communication media.

technology strategy

With the market in its current state, Heine said, the study identified several tactics companies can employ to improve their use of technology.

He said companies should consider simplifying their core advice technology and using integrated tools or even reducing the number of tools they use.

“The first of these is for advice firms to consider using appropriate technology, such as VPNs, as well as appropriate IT support to support hybrid work arrangements.”

According to the survey, only 36% of staff consider themselves “masters” of the technology they use, and only 56% feel properly trained.

“Another obvious tactic is to provide staff with training on the technology and access to how-to videos. You can also spend more time during the day trying out and learning the tools. says Heine.

The report surveyed 303 advice firms between 13 April and 19 May 2022.


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