technology

What’s your craziest cybersecurity story?
In my latest blog, I shared a couple of stories from clients who had been compromised and were asking for everything from caravans to automatic dog feeders from China. The extraordinary lengths hackers go to obtain information can range from clever to just plain odd. So I want to know – what’s your craziest cybersecurity…
What steps have you and your team taken to address cybersecurity risk?
Recent CoreData research suggests advice practices could lose at least 13% of business in the aftermath of a cybersecurity incident. In light of this alarming figure, I want to know what steps have you and your team taken to address cybersecurity risk? I also encourage you to register for the upcoming webinar on February…
Three ways to stress-test your cyber plan for 2024
Australian Signals Directorate (ASD) data shows a cyber crime was reported every six minutes and cost small businesses $46,000 on average in the last financial year. Research shows financial services firms are 300 times more likely to experience cyber attacks than other institutions. As advice practices review their…
The cost benefits of cybersecurity
Cyber attacks and data breaches can lead to more than just reputational damage; there are potentially sizeable financial losses to consider. The Australian Signals Directorate (ASD) annual Cyber Threat Report 2022-23 revealed the cost of cybercrime is up 14% year-on-year. On average, an incident cost medium-sized…
Client reviews
G'day All There is always a lot of focus on new client engagement and SOA production. Given most practices have way more ongoing clients than new, how are you finding the process of arranging review meetings and preparing review documentation? Could this area and the report we provide clients at review time do with some…
Watch now: the full cybersecurity webinar
Recording now available. Make sure you join Advisely here to access it. Click here to access the recording Watch now and learn: Where vulnerabilities might exist in your business Simple steps to protect client data How a robust cyber strategy can improve your bottom line. CPD is also available!
What is your #1 efficiency tip for this year?
Are you streamlining client comms? Automating documentation? Updating your compliance process? Whether you are in the midst of planning, or are already in BAU - what is your number one efficiency tip for this year to ensure you are effective and able to achieve your 2024 goals? Let us know!
AI – risks, rewards and big opportunities ahead
We all know that AI is changing the game for modern business. The question we need to ask now, argues cyber expert Fraser Jack, is how we can harness its potential and minimise business risks. If your approach to AI to date has been to put your head in the sand or similar, then consider this your friendly tap on the…
Cyber crime: a driver of sleepless nights?
Advice businesses across Australia are all faced with the increased threat of cyber incidents. Many hold data that is very sensitive about a client’s situation – whether it be health, tax or banking. Despite the increase in automation, there are still emails and files that can compromise a business. Sometimes these can be…
Who proactively asks their software stack providers about security?
The results are in from ASIC's Cyber Pulse Survey, and the report has been released (12th November 2023). So much to unpack! One of the points they make is around supply chain risk. Without looking at the survey, I'm interested to know your thoughts on the percentage of advice firms that have already asked their software…
Advice Request Best Practice
What is seen as the best practice for advisors sending through a request for advice to be prepared to the paraplanning team? I can think of some ways using cases to have a task where the advisor completes templated notes, but most businesses that I've seen the requests are still sent via email to the paraplanning…
POLL: What will impact advice accessibility the most in the next decade? ?
It is commonly agreed that accessibility of advice is currently a problem and is only set to compound over the next decade. In your opinion which of the following will have the most profound impact on advice accessibility over that period? * Data - efficiently in who needs advice and when People - professionals and support…
Xplan TaskHub
Xplan's new TaskHub. Who has been using this and can you share your experiences please. Thanks Rob.
Challenges and opportunities with providing advice for the modern world
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The modern Prometheus
But how does it work? You might have found yourself asking the same thing back when ChatGPT went from a curiosity to a global sensation virtually overnight. And if you were paying attention to the headlines at the time, you would have found some wildly diverging opinions on the matter. To some, ChatGPT portended an…
3 ways improving processes can speed up your SoA creation
Creating a Statement of Advice (SoA) is a critical aspect of a financial adviser's role, providing valuable insights to clients and ensuring regulatory compliance. However, the time and effort involved in crafting a comprehensive SoA can be substantial. While every adviser will have their own system and plans, Iress'…
Navigating common challenges in advice businesses
Running a business can be very rewarding but it’s not without its challenges. And in an industry where we are faced with ongoing change that could disrupt our business, it’s important to focus time and resources to minimize disruption as much as possible. While there are many things that can be implemented, this article…
I'm Fraser Jack, Advisely cyber risk expert
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I'm Kim Payne, Advisely client expert
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Business case study: How technology can help grow your business
Increased automation not only helps to create successful advice businesses, it can also transform the availability of advice to potential small and single-issue clients. This might sound like wishful thinking but Mat Tenison, who has worked in the advice industry for 20 years, believes it’s not only possible but also not…
How to adapt advice to the differing needs of Gen Y and Gen Z
While we all make assumptions about others based on their age, the only constant among investors under 40 is that they need to eat, drink and sleep to survive. Beyond that, their wealth, financial literacy and openness to accepting advice can vary widely. However, recent studies of Gen Y or Millennials (mid 20s to 40) and…
How to build a better client review process
Advisers are under increasing pressure to deliver more in less time but the question is: how to achieve that without compromising on client service standards? One answer is to harness the potential of digital productivity tools to streamline client interactions and free up time for more targeted engagement activities.…
Scams and bad actors: managing your risk
Over 90% of successful cyber attacks start with a phishing email – and that’s just one of many risks you need to manage as a financial planner, warns one leading expert. Scammers stole over $3bn from Australians in 2022. That’s just the scams we know about, according to Scamwatch, with many, many more going unreported.…
Closing the data gap
This article has been taken from the NMP education library which has now moved to Advisely Let’s start with some troubling figures: according to recent projections, there are around 12 million Australians who say they have unfulfilled advice needs. The average adviser can work with up to 120 clients, and there are…
Harvard study paints the future of financial services
This article has been taken from the NMP education library which has now moved to Advisely In financial services, since COVID there has been a pivot from some financial planners, accountants and bookkeepers who are developing new ways to work with their clients. This is predominately on how to deal with government,…
Are TikTok finfluencers friend or foe?
This article has been taken from the NMP education library which has now moved to Advisely Over the past few years, so-called “finfluencers” have exploded in popularity on social media. The portmanteau combines the concept of social media influencers – think oft-sponsored travelogues, fashion and lifestyle content – with…
The survival of advice will depend on digital partnerships
This article has been taken from the NMP education library which has now moved to Advisely The report, Human Touch in a Digital World, notes that to date “the focus of incumbent investment has been on solutions to improve adviser communications and transactions, such as improved application forms and policy administration…
How advisers are slashing up to 30% of business expenses
This article has been taken from the NMP education library which has now moved to Advisely There are some green shoots, however. For the first time, there has been a concerted effort to try and drive the cost of financial advice down and make it more accessible. And anyone that runs a financial planning business knows that…
Don’t get wiped out by the generational tsunami
This article has been taken from the NMP education library which has now moved to Advisely While it’s easy to get caught up in the seemingly endless waves of reform and inquiry hitting the financial advice industry, there remains a much stronger tidal force in the background – one that could sweep away client books and…

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