Bridging the advice gap: empowering advisers to meet growing demand
The financial advice industry is facing a critical juncture. In Australia alone, recent research from CoreData shows we are around 8,000 advisers short of what’s needed to serve the market efficiently - a gap that is only widening as experienced professionals leave the industry and fewer new entrants replace them. This shortage is echoed in other developed markets, including the UK, and is compounded by increasing complexity in client needs and investment options.
With the adviser population shrinking, efficiency is no longer a luxury, it’s a necessity. Platforms like Praemium, are investing in digitisation and automation to help advisers do more with less. By streamlining workflows, automating routine tasks, and enabling straight-through processing for portfolio management, advisers can uplift productivity by 40–50%. This allows them to serve more clients without sacrificing quality or personalisation.
Integration: Connecting Systems for Seamless Advice
One of the most significant advances in recent years is the move towards open architecture and deep integration. Advice firms increasingly want platform functionality embedded directly into their own systems, including CRM, reporting, and workflow tools, rather than relying on standalone interfaces. Praemium, for example, has invested in API-driven integration, enabling advice groups to access platform data and capabilities within their own environments. We recently completed a custom integration into Salesforce for one advice group reducing the number of touchpoints for onboarding a client and creating a seamless efficient workflow. These sort of integrations not only enhance efficiency but also gives firms greater control over the client and adviser experience.
Digitisation: Removing Friction and Enabling Scale
Digitisation is transforming the advice process. Platforms are leveraging technologies like artificial intelligence and robotics to identify and remove friction points, automate reporting, and facilitate straight-through processing for up to 90% of portfolio tasks. Exceptions are flagged and resolved digitally, freeing advisers to focus on strategic advice and client relationships.
Implementing Investment Strategies: Expanding Access and Suitability
Platforms are also expanding the range of investment options available to advisers and their clients. Through open architecture and integration with alternative investment providers, advisers can offer exposure to private credit, infrastructure, venture capital, and other non-traditional assets. This flexibility allows for more personalised investment strategies, tailored to each client’s needs and goals. As high net worth clients increasingly seek alternatives, Praemium has been at the forefront of providing simplified access and trading and execution support to advisers managing complex portfolios.
Reporting: Data-Driven Decision Making
Accurate, timely reporting is essential for advisers to make informed decisions and manage client expectations. By investing in advanced analytics and reporting tools, ensuring advisers have the information they need to guide clients through market volatility and changing circumstances. During periods of heightened volatility, robust data and analytics help advisers chart a course through uncertainty and reassure clients.
Education and Transparency
Adviser education and transparency in pricing are foundational. Platforms like Praemium are committed to supporting advisers with webinars, resources, and clear product structures, helping them deliver optimal outcomes and build trust with clients. Understanding the full capabilities of platforms and the breadth of investment options is essential for delivering the best possible advice.
Bridging the advice gap represents one of the industry's most significant challenges and opportunities. Technology is the catalyst that will enable advisers to scale their expertise, delivering personalised guidance to far more clients than traditional models allow. By integrating digital innovation with expanded investment options, robust reporting, and continuous education, forward-thinking platforms are redefining what's possible in advice delivery. By empowering advisers to deliver quality advice at scale and build sustainable practices, the industry not only closes the advice gap—it redefines the value of advice itself, creating a more inclusive, scalable, and future-ready profession.