A cloud-based advice platform that currently has more than 30,000 users worldwide has been launched in the Australian market following the successful trial of its financial advice software, which has been adapted for local conditions.
Intelliflo, which currently has more than 3 million end investors and $1 trillion advised across its platforms, opened its Australian operations today, having already attracted interest from the local market, according to intelliflo founder and chief executive Nick Eatock.
“We’re already seeing strong take-up in the local market, having signed several licensees and dealer groups here, and are in active conversation with multiple advice firms. The market is clearly welcoming increased competition, software, systems and service,” Eatock said.
“At a time when financial advice has never been more important, many Australian financial advisers have their hands tied from helping a wider range of clients due to a lack of time, resources and cost-effective solutions.
“As a firm we know how to break the vicious cycle of less advisers, higher cost of advice, less people getting advice.”
The launch follows a period of development and testing of the intelliflo financial advice software, intelliflo office, in the Australian market, which started last year with large advice firms who adopted the software and provided feedback and ensured the platform was suitable for the Australian regulatory and tax environment.
Intelliflo Australia head of sales Stuart Alsop said it took more than 20,000 collective working days to develop the Australian intelliflo office offering.
“This solution provides local advisers access to advice services online and streamlines the entire advice process, giving advisers the time needed to focus on their client relationships,” Alsop said.
Eatock added intelliflo office also addressed issues related to the cost of advice, which was also under inflationary pressure.
“Embedding technology effectively into the advice process helps deliver cost savings through improved efficiency and economies of scale that advice firms can pass onto clients through lower fees,” he said.
“It can also deliver a business case for widening access to advice by increasing the commercial viability of working with clients with lower investable assets.”
Eatock founded intelliflo, which is the digital advice business of investment company Invesco but operates independently under its own brand, in 2004 and the launch of operations in Australia follows it gaining a significant footprint in the United Kingdom, holding 46 per cent of the advice software market there.
