The XY Adviser network (https://www.xyadviser.com/) is a popular place for financial advisers to trade news, talk about events, and get help and support. I know several New Zealand-based advisers that love the forum and have learned many useful new ideas from their peers through it. Other groupings, collegiate groups ranging from informal breakfast clubs, through service networks, to LinkedIn groups abound. But the shift to digital broadens the reach of networks considerably. Network effects mean that the bigger the network, the more valuable it is. Hence, the profound impact digital is having on adviser businesses. Two trends are moving in parallel - from installed software to web-based systems, alongside formal knowledge sharing in person to digital knowledge sharing in an informal context. Those changes in digital are having real-world effects: adviser businesses are able to access software solutions from around the world with more confidence due to the reference expertise that these social networks provide. One kind of growth creates another: XY is in the process of raising capital, such are the demands on their services.
If the world of adviser technology interests you, do join me, with David Greenslade of Strategi on the FSC Get In Shape series hosted by Mark Banicevich. We're talking about all things adviser technology tomorrow at 10am. Here is a link to the events page on the FSC website: https://www.fsc.org.nz/Events.html if you would like to register for the webinar.