Technology
The impact of your technology partner on profits
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Financial planning principles are continuously faced with legislative changes and there is very little air-time between articles referencing the royal commission, FASEA and other regulatory changes.

These factors all have the ability to significantly impact profit, which can trigger advice firms to analyse and re-evaluate what's important to their planning practice, their client base and ultimately their future business success.

This paper examines some of the factors that can impact a planning practice's business model, including general barriers to innovation and collaboration and will outline why platform choice will be more of a strategic business decision in the future, rather than just an investment transaction.

This paper will also review the impact that choice of business model can have on profit, utilising independent research on practices embracing managed accounts, as well as considerations for selecting the most suitable technology and insights to those looking to innovate and transform their business.

The innovation and collaboration conundrum

In an environment of high-profile legislation, requiring stringent compliance oversight, business owners and practice managers can place a large amount of emphasis on this as a barrier to success.

However, the contingent continuing to grow their businesses are faced with the same legislative pressures, access to resources and available investor communities.

Whilst it is impossible to not sympathise with those feeling the pressure, the main difference between growth and stagnation is often the mindset of the principle or business manager.

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