Innovation will be the key for advisers to create opportunities in a heavily regulated industry.
That is the view of Provisio director and co-founder Jye Tucker. Provisio has just been named as one of Australia’s top 10 innovative companies by Australian Anthill. The award was based on Provisio’s new web-based advice channel, which will give planners the chance to provide scaled advice more efficiently to a greater number of clients.
Tucker says advisers can learn from the super funds and retail institutions, and take hold of scaled advice as an opportunity. “People naturally want to be serviced in whatever way is convenient to them. If you’ve got clients who’ve done a review, have heard about a TTR strategy or a contribution strategy, and want to do a bit of exploration on their own instead of sitting in a planner’s office, or on their mobile phone while they’re out having coffee – it just creates that opportunity to engage with your clients in a different way.”
The advice tools cut SOA time down to 15 minutes by optimising financial strategies instead of modeling, and will be available free of charge to a limited number of advisers for a period after release.
Tucker says advisers need to be opportunistic and start thinking about the online advice and self-service tools that could be available to clients.
The launch comes as Rubik completes its purchase of Provisio. Tucker says the acquisition was a good fit, as it allowed them to tap into the underserviced area of scaled advice, while COIN focused on the comprehensive side of advice.
“The two of them coming together really gives the adviser the chance to start with a scaled advice scenario with one client and move to comprehensive if the situation becomes more complex or vice versa.”
So what does it take to be one of the most innovative companies in Australia? Tucker says it takes two things:
Passion: “If you’re not the type of person who’s going to wake up at 3am in the morning because you’re living and breathing your idea and jump out of bed to write it down and make it happen, then stop innovating now. The passion is the most important thing.”
Commercial sense: “If you’re sitting in an office for two years working on the next big idea, you’ve still got to pay the bills in those two years. You’ve still got to run a business in the meantime. You need to be not only passionate, but thinking about the time for market, ‘am I really meeting a market need?’…etc.”