AMP's vision of the future appears to include fewer advisers and much more technology. The AFR reports on the strategic choices of the wealth manager in Australia. What this means for the wider advice sector it is hard to say - but connect this choice (half of which is being forced on the company by events - see this chart) with the fact that this closely follows wider market events in Australia and you begin to see technology as the solution to a number of big questions, such as:
- Can financial advice be both adequately personalised and reasonably priced?
- How can compliance requirements be met without making advice too expensive?
- How can advice be delivered to many people without adding substantially to the cost?
I like the idea of a channel that is built around great technology and great people.