Produced By: Ensombl
Financial advice has undergone tremendous change over the last decade—an evolution influenced by new regulations, heightened client expectations, and the rapid development of technology solutions. Advisors have had to navigate a complex legal framework of best-interest duties, fee disclosure, and ongoing compliance while still maintaining a client-centric focus. In such an environment, professionalism and ethics are not optional niceties; rather, they are the anchors that guide every decision, ensuring the client’s welfare stays front and center.
Yet the mission to deliver consistently high-quality advice has become increasingly difficult as administrative and regulatory burdens pile up. Technology has become an essential ally in helping advisors keep pace. Whether it is customer relationship management (CRM) systems, digital fact-finding tools, online modeling software, or advanced client-engagement features, every piece of technology in an advisor’s toolbox must do two critical things:
The drive toward efficiency is not merely about saving time or cutting costs; it is also about fulfilling ethical obligations to clients. When tasks are automated or made more consistent, the risk of human error diminishes. Error reduction is particularly relevant in financial services, where even small mistakes can lead to regulatory breaches or serious client dissatisfaction. Meanwhile, better client experiences—faster turnarounds, clearer reporting, and more engaging communication—ultimately build trust. And trust is the bedrock of any ethical professional relationship.
In a recent podcast discussion on Ensemble’s “Advice 2030” series, host Peita Diamantidis explored how advisors can tap into technology to achieve these goals right now. In conversation with Kerry Ong, the General Manager of Customer at Iress, the episode offered an inside look into how one of the largest global technology providers is approaching efficiency, integration, and innovation in financial advice.
What follows is a re-imagined narrative of that conversation, expanded with additional reflections on professionalism and ethics. The aim is twofold: to share practical strategies and to underline the ethical dimensions of harnessing technology in financial advice.
For many listeners, the corporate title “General Manager of Customer” may sound abstract. Ong explains that his day-to-day role has two main components:
Ong’s background as a private wealth advisor (in both Australia and the UK), followed by a stint in business coaching and practice management at a large licensee, helps him empathize with the high-stakes challenges advisors face. He has, in his words, “seen Xplan from all angles,” referring to Iress’s flagship advice software. The lessons learned in frontline advice help him map the correct technology solutions to real-world problems.
Professionalism Note: Having professionals in leadership roles who have “worn the shoes” of their customers is invaluable. It cultivates an environment where user feedback is genuinely heard and acted upon. This alignment of insight with action is itself an ethical consideration. Organizations that truly aim to serve their clients must employ empathy-driven leaders who can prioritize user needs responsibly.
One of the recurring pain points in financial advice is data management. Advisors often struggle with data entry mistakes, incomplete client profiles, or inconsistencies that can lead to compliance oversights and subpar client experiences. Tim, an advisor interviewed in another episode of the series, highlighted that the quest for accuracy is never-ending.
Ong acknowledges this as a universal concern:
“Data is an issue until it’s not an issue—and that usually requires a disciplined process, clear roles, and consistent behaviors.”
In many practices, tasks get duplicated. A fact-find might be entered in one place, then re-entered by a paraplanner or by another platform. Not only does this compromise efficiency, but it also raises the ethical dimension of error and confidentiality. Every time data is re-keyed, there is a risk of input error and potential exposure.
Ethical Implications: Advisors owe it to clients to safeguard the accuracy of their information. Failing to maintain data integrity can lead to incorrect advice, potential breaches of fiduciary duty, and undermined trust. Creating a robust system for data management—whether that involves training staff, implementing standard operating procedures, or using integrated software modules—directly contributes to professional and ethical practice.
Ong suggests a step-by-step process mapping exercise (sometimes referred to as a “brown paper exercise”) where teams physically outline each step in the client file creation and update process. This helps everyone see how upstream data entry affects downstream workflows. If the data management system is well-structured at the start, the rest of the advice process flows more smoothly.
The more advanced the technology in financial advice becomes, the greater the need for seamless integration. Tim from Pivot Wealth, for example, mentioned the complexity of using multiple tools: from CRM systems to specialized modeling platforms, data feeds, and collaboration software.
Iress’s flagship platform, Xplan, aims to be as comprehensive as possible—what Ong calls an “integrated tech stack.” Still, Ong concedes that in a rapidly evolving FinTech landscape, no single platform can do it all. Integration with niche providers is inevitable and often desirable.
However, not all integrations are created equal. Ong’s caution is telling:
“Just because you can connect every system via APIs doesn’t necessarily mean you should. Each integration must solve a meaningful problem without introducing new complexities or inefficiencies.”
The underlying message is that each practice should carefully evaluate whether an external tool meaningfully enhances operations. Advisors should beware of becoming so enthralled by “shiny new tools” that they overlook the native functionality already built into their existing software. Constantly adopting yet another tool without a strategic reason can lead to messy processes, data fragmentation, and wasted resources.
Professionalism Note: A well-integrated tech ecosystem not only streamlines operations but also minimizes the risk of data breaches and errors. By contrast, a haphazard approach to integrations—where different applications are patched together without due diligence—invites confusion and potential regulatory mishaps. Professionals have a duty to choose systems prudently, with due consideration of client confidentiality and data security.
It might sound obvious to say that efficiency is a central goal for any business, but for financial advisors, efficiency is also an ethical imperative. As the administrative load increases—driven by compliance obligations, ongoing disclosure requirements, and mounting paperwork—advisors must ensure they are not so overwhelmed by routine tasks that they compromise the quality or timeliness of client service.
While technology cannot solve all issues, it can automate many routine processes. For instance, Xplan’s tasks, threads, and templating features allow for consistent, replicable processes. Automating “mundane” steps reduces the risk that something important might be overlooked in a high-pressure, high-volume environment.
Equally critical is the notion of client experience. Tools like Iress’s “Visualize” platform enhance face-to-face or virtual conversations with real-time modeling. Clients can see how changes in contributions, expenses, or investment returns might affect their long-term outcomes. This transparency helps align advisor recommendations with client goals, fostering trust.
Professionalism Note: Time freed up by automated tasks can be redirected to advisory work that truly adds value—like understanding client objectives, providing nuanced explanations, and personalizing strategies. By focusing on those essential human elements, advisors honor their ethical commitment to act in the client’s best interest.
In an ideal world, every Australian (indeed, every person worldwide) would have access to quality financial advice. The challenge is scaling an advice practice to serve more people without sacrificing personal attention or clarity. Technology can facilitate that scale.
Throughout all these steps, the litmus test is whether the process remains client-focused. If scaling up is done ethically, it means maintaining or even improving the quality of service. Automated workflows should never become a means of rushing clients into decisions they do not fully understand.
One area ripe for improvement is the implementation phase. While technology in the initial advice stage—fact finds, modeling, plan creation—has advanced in leaps and bounds, the final mile still includes physically lodging application forms with platforms, insurers, or superannuation providers. Consents, authorities to proceed, and compliance documents can create bottlenecks.
As Ong notes, integration with third-party platforms is a formidable challenge. Not all product providers have the same drive—or resources—to build seamless digital rails with advisor software. However, an industry push for standardization could transform the process, removing reams of manual data entry.
Professionalism Note: Advisors have an ethical obligation to place clients on recommended products in a timely manner. Delays can lead to clients missing opportunities or staying in suboptimal structures. By advocating for better platform integration, advisors collectively strive to remove friction in service delivery. In doing so, they uphold their professional obligations and can better serve the public interest.
The financial advice industry knows all too well that regulations can shift dramatically. Whether it is new disclosure regimes, annual consent requirements, or best-interest duty interpretations, each legislative shift can upend an advisor’s day-to-day workflow.
Iress has learned to remain agile. They employ subject-matter experts who monitor legislative developments closely. They also collaborate with industry bodies, so that if, for instance, an annual fee consent regulation changes or a new requirement around product comparisons emerges, the software can adapt quickly.
For advisors, the key is not to rely solely on any single software update. Best practice involves:
Compliance is a core element of professionalism. By building compliance checks into technology workflows, advisors are less likely to slip up. This approach translates directly into more robust client protections, thereby supporting ethical principles.
A vital thread in Ong’s conversation with Ensemble and Peita Diamantidis is that listening never stops. Technology providers like Iress rely on practicing advisors to inform them of the real hurdles faced in daily practice. They gather stories of workflows that are clunky, success stories of automation that saved dozens of hours, and creative “workarounds” that, if refined, could become official features.
This is where community platforms (such as Ensemble) play a huge role. They allow Iress’s product team and end users to connect in an open forum. Advisors discuss daily pain points, share ideas, and up-vote the suggestions they find most relevant. Iress, in turn, can see which improvements will benefit the greatest number of users.
Professionalism Note: Engaging in these communities is itself an ethical act. Advisors who share knowledge, best practices, or highlight systemic issues demonstrate a commitment to raising industry standards for everyone. Rather than keep “secret hacks” to themselves, they make it easier for peers to operate efficiently and ethically. In an industry built on trust, the more advisors collaborate, the more the profession’s reputation improves.
Few topics generate as much enthusiasm and apprehension as AI (Artificial Intelligence). Financial advisors are exploring generative language tools that might draft template emails or provide instant compliance checks. They are also examining how advanced analytics could identify client patterns or suggest new strategies.
Ong confirms that Iress is actively experimenting with AI and large language models but stresses that any new feature would require strict security parameters. He notes, “We can’t simply pipe personal data into a public AI platform.” The potential for data breaches, hallucinated answers, and privacy violations is too high if used irresponsibly.
Yet AI undeniably offers the potential to automate routine tasks, create real-time insights, and maintain advanced compliance checks. The large question is how to strike a balance—leveraging AI’s computational power while preserving the human element of judgment, empathy, and ethical oversight.
Ethical Considerations:
With robust guardrails, AI can become a tool that augments human insight rather than replaces it—helping advisors fulfill the duty of care more effectively.
How can an advice practice get the most from these tools, especially an enterprise-level platform like Xplan? Ong offers practical tips:
In short, a methodical, strategic approach—rooted in an awareness of your core mission—prevents you from drowning in complexity.
This entire conversation underscores a fundamental truth: technology is a means to an end, not the end itself. The real measure of success in financial advice is whether clients receive high-quality, transparent, and customized guidance that truly improves their lives. Technology can streamline workflows, reduce errors, and open up new ways to communicate, but it does not replace an advisor’s moral and professional responsibility.
Key Ethical Touchstones:
Ong’s own trajectory—from advisor to practice-management coach to technology executive—mirrors a wider trend in the industry. Professionals who truly understand the complexities of advice are influencing the development of robust, responsible, and adaptable technology platforms.
The practice of financial advice stands at a crossroads of change, where legislative shifts intersect with technological acceleration. Tools like Iress’s Xplan exemplify how robust platforms can merge efficiency and client-centric features, placing advisors in a strong position to manage complexity. Yet technology alone will not solve all challenges. Rather, it is the alignment of people, process, and technology—underpinned by unwavering ethical standards—that leads to sustainable success.
For those who work in the advice industry, the next steps are clear:
In doing so, advisors honor their professional duties—striving for excellence, safeguarding client interests, and contributing to the integrity of the financial advice profession. As technology continues to evolve, so too must our commitment to ethical practice. The ultimate promise of innovation in this space is not merely greater scale or efficiency, but the opportunity to uplift more lives with sound, transparent, and ethical financial guidance.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Regulatory Compliance and Consumer Protection
0.10 Professionalism and Ethics
0.40 Total CPD Points