Iress’ Advisely supports advice industry to capture $2.1bn in growth

Iress today announced the release of a new suite of free tools in its Advisely community platform aimed at supporting the advice industry to capture the potential 486,000 new customers and $2.1bn revenue opportunity highlighted by the ‘Advice 2030: The Big Shift’ research.

The suite of tools includes the Advisely Index, a seven-part Advisely Growth Masterclass and a “Finding Time" guide, aimed at helping advice businesses to free up capacity to ready themselves for significant growth.

Iress’ CEO - Wealth APAC, Kelli Willmer, said: “Our ‘Advice 2030: The Big Shift’ report uncovered the potential for the industry to grow substantially over the next five years. But it also highlighted the capacity conundrum facing today’s advisers - 486,000 new clients would mean almost 30 new clients per adviser. Clearly, advisers must find ways to free up valuable capacity to take on more clients. Through Iress’ Advisely Index, we know that top performing advisers save almost one day per week through efficiency in advice delivery alone. That’s why we’ve created a resource pool of tools to further support Advisely members and the wider advice community to understand how they can capitalise on the advice opportunity ahead of us.”

The Advisely Growth Masterclass sees industry experts go behind the scenes to transform financial advice business, Twomeys, as it prepares to scale up and bring on more clients. The series gives the broader industry access to the Twomeys team’s transformation of strategy, compliance, tech, leadership, people and cyber risk. The first three episodes of the Growth Masterclass series, and supporting tools, are now available to the advice community and can be accessed here.

The Advisely Index is a free five-minute benchmarking tool that provides advisers, paraplanners and support staff with a personalised report of how they compare to peers across the key advice delivery metrics of advice production, execution, servicing and client engagement. The Advisely Index is available now and can be accessed for free by any member of the advice community here.

Commenting on the Advisely Index and Masterclass, Twomeys Principal, Matt Coman, said: “The Advisely Index was a fantastic tool for us to gauge where we sit industry-wise and peer-wise. Then going through the process of the masterclass had an instant impact for us. Without a doubt, we couldn't have gotten to where we did without that expert input. It's given us processes and frameworks to have a more laser-like focus on getting the right types of clients and growing sustainably. When our capacity is challenged, we can draw on the strategy we developed to look at the next set of clients we can bring on to continue to scale our business."