2022 AdviceTech Masterclass
Navigating technology selection and implementation
Hamish Hockley, Director, Opex Shane Kirsch, Key Account Manager, Opex
Before we get started
This document is for general use.
The views expressed in this presentation are those of the author and presenter and do not necessarily reflect those of Netwealth Investments Limited’s. It is general summary only and contains opinions on public available information and services. It’s not advice nor an endorsement of any product or service.
This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information.
Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) and Netwealth Superannuation Services Pty Ltd (ABN 80 636 951 310), AFS Licence No. 528032, RSE Licence No. L0003483 as the trustee of the Netwealth Superannuation Master Fund, is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s products or services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
• Hamish Hockley, Founder & Director of Opex • Hamish helps financial planning practices embrace technology and improve operational efficiency 7 Today’s speakers • Shane Kirsch, Key Account Manager, Opex • Shane oversees client relationships and manages key service functions.
SELECTING & MAINTAINING TECHNOLOGY PARTNERSHIPS FOR GROWTH
CONTENTS Selectio n > Understanding the problems you are trying to solve using technology > Is it better to build solutions in house or outsource? > Start-up fintech’s vs established fintech > Current process vs new innovations Rollout > Committing to the journey > Managing technology partnership expectations Support & Enhancements > What should a true technology partnership and ongoing support model look like > Working with the supplier on new innovative projects
The Selection Process
KPMG’s annual survey conducted in November 2021 defines the
challenges for 2022 & for 3-5 years beyond 2022 as derived from
leaders across
KPMG
The
2022
(https://home.kpmg/au/en/home/insigh ts/2022/01/issues-facing-australianleaders-2022-outlook.html
Insights from KPMG…setting the scene TOP 5 CHALLENGES IN 2022 Talent acquisition, retention and re/upskilling to meet a more digitised future Dealing with cyber vulnerability The challenges and benefits of employees working remotely Digital transformation & optimisation and extracting organisational value from it Dealing with evolving regulatory processes, reporting changes & impacts TOP 5 CHALLENGES IN 3-5 YEARS Digital transformation & optimisation and extracting organisational value from it Talent acquisition, retention and re/upskilling to meet a more digitised future Identifying & growing future market segments and/or innovation opportunities for growth New technologies (AI, machine learning, blockchain & distributed ledger technology, quantum computing) and the ethics and issues that arise when implementing Dealing with cyber vulnerability
key
business
Australian companies
Keeping us up at Night Report
big issues facing business leaders in
– KPMG Australia
69% 50% 48% 44% 34% 48% 47% 42% 42% 35%
Understand the problems you are trying to solve using technology
Are we aware of the value tech adoption can deliver in our organisation?
How do we encourage innovation?
Are we willing to change? Can we change? Are our clients at the forefront of our digital decisions?
What are the problems we are trying to solve using technology?
What is the core business you are in?
Is it better to build solutions in house or outsource? > Fully customisable to your business > Will likely spend more money on trial and error > It may take longer then intended to develop the solution > Staff retention maybe high therefore you may have to hire multiple people to fulfill the role Inhouse vs Outsource > Solutions have generally been developed over a period of several years > Reliant on tech partner for enhancements or customisation > They will have multiple staff on hand for support and training > Multiple solutions on offer > Maybe less expensive then inhouse
Start-up fintech’s vs established fintech PROS > May have a new innovative product > Agility and efficiency > Versatility and flexibility > Could be a more affordable alternative > May have opportunity for investors CONS > Lack of resources > Lack of process > Risk of failure Start-up vs Established PROS > Have many years of experience > A variety of products on offer > Resourced and experienced in troubleshooting > May have new innovative products to offer > More room to negotiate > May have opportunity for investors CONS > Maybe set in their ways > Might not be as flexible > Might be more expensive
Current process vs new innovations > Minimal level of digital literacy required > Current way of operating vs custom and standard tech solutions…what are the compromises? > Leveraging your data and insights > Bringing in the entire ecosystem > What value are we creating? What is the experience we are delivering? > How long to invest looking for the perfect solution? > The silver bullet!!
Rollout
Committing to the journey
›
›
›
›
›
Understanding the opportunities & challenges tech can create
Is our organisational strategy leveraging the benefits of digital to drive value?
Planning and onboarding process
What skills do you need and how do you remove dependencies?
Digital literacy and the war for talent › Time…
Managing technology partnership expectations > Do they understand you and your industry? > SaaS vs Tech Partner…what is the difference? > Support model and sustainability > Financial stability > Constantly evolving with enhancements > Data security!
Support & Enhancements
Bringing it together…
Questions?
www.netwealth.com.au/advicetech More resources to help you on your AdviceTech journey
Disclaimer
This document is for general use.
The views expressed in this presentation are those of the author and presenter and do not necessarily reflect those of Netwealth Investments Limited’s. It is general summary only and contains opinions on public available information and services. It’s not advice nor an endorsement of any product or service.
This information has been prepared by Netwealth. Whilst reasonable care has been taken in the preparation of this presentation using sources believed to be reliable and accurate, to the maximum extent permitted by law, Netwealth and its related parties, employees and directors and not responsible for, and will not accept liability in connection with any loss or damage suffered by any person arising from reliance on this information.
Netwealth Investments Limited (Netwealth) (ABN 85 090 569 109, AFS Licence No. 230975) and Netwealth Superannuation Services Pty Ltd (ABN 80 636 951 310), AFS Licence No. 528032, RSE Licence No. L0003483 as the trustee of the Netwealth Superannuation Master Fund, is a provider of superannuation and investment products and services, and information contained within this presentation about Netwealth’s products or services is of a general nature which does not take into account your individual objectives, financial situation or needs. Any person considering a financial product or service from Netwealth should obtain the relevant disclosure document at www.netwealth.com.au and consider consulting a financial adviser before making a decision before deciding whether to acquire, dispose of, or to continue to hold, an investment in any Netwealth product.
