Produced By: Ensombl
In the evolving world of financial advice, staying informed about the latest regulations, processes, and technologies is vital for upholding professionalism and ethics. As the complexity of client needs grows and legislation demands more robust compliance measures, many financial advisors have sought efficient, effective solutions to ensure their services remain highly professional, secure, and transparent. In August 2024, Patrick Gardner, Head of Technology at a prominent professional services firm, spoke with industry veteran and software co-founder Hans Egger about these very challenges. Their conversation illuminates how an advice technology platform—specifically AstuteWheel—supports the ideals of professionalism and ethics through meaningful client engagement, secure data handling, and streamlined process management.
This article offers insights gleaned from that discussion, focusing on how advisors can incorporate better systems and processes to serve clients ethically and comprehensively. From the latest changes in cybersecurity and compliance, to the future of advice regulations, technology stands at the heart of delivering secure, high-integrity outcomes for clients. Below is an exploration of key discussion points, framed in a way that highlights best practices in professionalism and ethics, while touching on the transformation that well-implemented technology can bring to modern advisory firms.
Over the last decade, the financial advice industry has undergone remarkable changes. Regulatory intervention and client expectations have grown in tandem, making transparent communication and robust compliance more critical than ever. In 2012, when AstuteWheel was first launched, the focus was on improving the way advisors engage with their clients before and during meetings. At that time, few digital solutions existed to gather client data ethically and efficiently or to display strategies in a client-friendly manner.
Twelve years later, technology has entered a new era. More providers exist, and many have contributed to making client experiences far more informative and interactive. Yet, challenges remain in safeguarding sensitive information, ensuring that the advice offered truly reflects a client’s situation and goals, and clearly documenting the process so that it aligns with professional and ethical guidelines.
Hans Egger and his team recognized early that compliance and ethics are inextricably linked. When an advisor’s workflow is poorly managed, risks arise that essential client considerations will be overlooked. Professionals are ethically and legally responsible for understanding a client’s circumstances before offering guidance. This means that accurate data collection, from personal details to financial records, is the bedrock of good advice. However, if that data is scattered, incomplete, or insecure, the entire chain of professional responsibility becomes compromised.
A core principle of ethical financial advice is to fully grasp clients’ circumstances and deliver guidance that aligns with their best interests. Traditional fact finds, often involving PDF or paper forms, can be time-consuming and risk-laden. Clients may inadvertently leave out crucial details, or forms can get lost in a deluge of paperwork. The conversation between Patrick and Hans underscores that a modern approach, leveraging digital fact finds, can rectify many of these pitfalls.
AstuteWheel began by crafting an online questionnaire experience, providing a “mini fact find” that can be completed in around ten minutes. This streamlined process respects the client’s time while gathering essential information. From an ethical standpoint, this step alone enhances diligence: the easier it is for a client to accurately provide their details, the more complete and reliable the data. Advisors can thus meet best-interest obligations with fewer obstacles, confident that basic misunderstandings or missing data points have been minimized.
Moreover, Hans’s development of a “financial health check” as part of the process exemplifies ethical practice. Rather than assuming which areas of financial planning matter most, clients are guided to self-identify potential pain points—retirement, insurance, estate planning, cash flow, and so on. This fosters a sense of empowerment and transparency, allowing clients to articulate their own needs and concerns. For the advisor, it frames subsequent advice in terms that the client truly owns. In an environment where “client-first” is codified into law and professional codes of conduct, this approach stands as a mark of genuine ethical engagement.
One hallmark of high professional standards is clear communication. If clients don’t fully grasp the strategies being recommended, the advice can’t truly align with their best interests. In many advisory meetings, especially virtual ones, confusion can mount as advisors flip through reams of spreadsheets or step away to scribble on a whiteboard. Hans’s approach focuses on bridging this gap using interactive tools.
The “wheel visual” is a conceptual representation that breaks down financial planning into six areas. Presenting the scope of advice visually helps clients see exactly what they are—or aren’t—covering in their financial plan. This not only highlights opportunities, but also clarifies boundaries. If an advisor and client jointly determine that certain areas, such as direct share portfolios or philanthropic giving, fall outside current advice, it is plainly documented. That level of clarity diminishes misunderstandings and ensures the advice being delivered is precisely and ethically scoped.
Parallel to that is AstuteWheel’s scoping tool, where the depth and breadth of an advisor’s services are methodically explained. By detailing the exact areas of advice considered, both parties can sign off on a letter of engagement or similar professional agreement. This fosters robust documentation, leaving no confusion about the nature of the services provided. In an audit or dispute scenario, that documentation becomes critical proof that the advisor adhered to their professional duty of care.
Visualizing cash flow projections and strategy comparisons in front of a client further enhances engagement. For example, rather than burying a client in a static, text-heavy Statement of Advice (SOA), the advisor can quickly illustrate how contributing more to superannuation might extend retirement funds by a decade, or how downsizing a home can free up capital for travel. The immediate feedback loop—where the numbers change in real time—enables clients to ask questions and provide input instantly. In essence, they become co-creators of their financial plan, increasing both their sense of autonomy and the overall ethical integrity of the process.
With high-profile data breaches dominating headlines, cybersecurity has become an ethical priority as much as a technical one. Advisors collect and store sensitive personal data, from identification numbers to investment details. According to Hans, one of the biggest remaining problems is sending these sensitive documents via email attachments. Such methods not only expose clients to potential identity theft and fraud, but also undermine the industry’s duty to protect client privacy and confidentiality.
AstuteWheel’s secure client portal, requiring two-factor authentication, demonstrates how modern systems can satisfy both convenience and security. Clients can upload bank statements, insurance schedules, and other personal documents directly into the portal, bypassing email entirely. This approach aligns perfectly with professional standards, which urge advisors to preserve confidentiality and minimize the risk of data interception. When clients sense the advisor takes these measures seriously, the trust between them grows stronger, reinforcing the ethical bedrock of the advisor-client relationship.
Importantly, cybersecurity diligence extends beyond raw data protection. As Hans explains, the client portal is built to be interactive—allowing them to view current assets, track goals, and even store personal documents they may not wish to share with the advisor. By distinguishing between what is shared with the advisor and what remains private, the platform respects client autonomy, an ethical principle of paramount importance. Advisors must only access or process information necessary for the scope of their service, and the technology itself helps draw these lines clearly.
Professional obligations in the financial advice world also require ongoing reviews. It isn’t enough to establish a plan and never revisit it—clients’ circumstances evolve, as do markets and regulatory conditions. Yet many advisors struggle with time-intensive review meetings. They find themselves spending the first half of each session simply updating paper-based fact finds or reacting to unexpected changes in a client’s life. This approach erodes the potential value and can harm the client experience.
Hans highlights that AstuteWheel’s reverse fact find allows clients to update their information prior to the meeting. If the client has received a pay rise, changed their mortgage, or sold an investment property, these updates appear in the advisor’s dashboard ahead of time. Ethically, this helps ensure the advice delivered remains relevant and up-to-date, fulfilling the professional obligation to consider a client’s current situation when giving guidance.
By streamlining data collection and auto-generating a 12- to 15-page review document, advisors can focus the actual meeting on value-adding discussions, strategic thinking, and forward planning. Hans points out that if no material changes emerge, the system can generate a record of advice reflecting “no change,” thus minimizing unnecessary paperwork. Alternatively, if changes are required, the advisor has already spotted them before the meeting and can outline the possible next steps. This proactive stance underscores an advisor’s dedication to best-interest duties and helps them deliver a more thorough, valuable review, complete with professional documentation that meets compliance standards.
In recent years, life insurance commissions and regulatory scrutiny have dissuaded some advisors from offering personal risk advice at all. From a purely commercial standpoint, the reduced incentive may not justify the extra workload. Yet from an ethical and professional perspective, it is risky to omit a client’s insurance needs if those needs exist. Should a client face a calamity for which they were underinsured, it can raise questions about whether the advisor should have at least initiated a conversation around personal insurance.
Hans’s insurance needs analysis tool is explicitly designed to overcome these barriers. Rather than skipping risk coverage discussions, an advisor can systematically walk clients through each type of insurance—death, total and permanent disability, income protection, and trauma—calculating how much is needed if the worst occurs. Importantly, clients can then make an informed decision about whether they wish to reduce or forego certain benefits. By modeling real-life consequences—like needing to send children to public school instead of private school if a parent passes away with insufficient death cover—clients appreciate the actual trade-offs involved.
Such transparency is a hallmark of ethical advice. The client is not manipulated by scare tactics or guesswork; rather, they are guided by clear calculations and real implications. Moreover, the software re-checks these figures each year, saving the advisor from re-doing hours of manual calculations. This makes it much more feasible to offer routine insurance reviews as a core service, helping ensure clients remain protected and advisors maintain high professional standards.
The COVID-19 pandemic accelerated a shift to virtual meetings that has continued, even with in-person appointments again possible. Some advisors, as Hans notes, now offer exclusively virtual services. Ethically, this approach must still uphold the same rigorous standards of clarity, client comprehension, and data security.
In that context, robust meeting software that can be screen-shared is paramount. If the advisor depends on paper or a whiteboard, the client may be unable to see the complexities of certain strategies in a virtual environment. By presenting AstuteWheel’s interactive visuals, advisors can conduct meetings via Zoom or other platforms, providing the same transparency and understanding they would in person. This is not merely a matter of technological convenience; it reflects ethical practice by enabling thorough discussions, real-time modeling, and immediate documentation—all from the security of an online portal.
For many in the industry, the looming question remains: What will happen with the Quality of Advice Review (QAR) changes, expected to roll out more concretely in 2025? The current environment anticipates more flexible approaches to advice documentation. Statements of Advice may become less prescriptive, allowing more dynamic, personalized presentations. Advisors might also move toward video-based so-called “Statement of Advice” formats.
Hans believes that AstuteWheel is poised to excel under new regulations, largely because of its core alignment with professional and ethical principles. If the regulatory environment becomes more flexible, advisors who adopt technology that tracks client data, produces compliant summaries, and allows for targeted scoping of advice will be better prepared. This has the potential to reduce administrative overhead without compromising due diligence or transparency. On the contrary, video-based so-called advice presentations might be an even more powerful medium for demonstrating how thoroughly a client’s situation has been analyzed.
In all likelihood, any shift in compliance regulations will continue to emphasize a client-first approach, ensuring advice is suitable, comprehensively documented, and delivered in a transparent manner. Regardless of whether the compliance documents appear in the form of an SOA, ROA, or a new type of record, the bedrock professional standards remain. Advisors must act in the client’s best interests, carefully consider a client’s financial circumstances, and document every recommendation. Secure portals, interactive modeling, and rigorous data collection are the building blocks of that new frontier.
One of the recurring themes in Hans’s discussion with Patrick is the drive toward efficiency—replacing laborious processes with digital automation. Yet efficiency should never come at the expense of robust client engagement or thorough advice. The lesson to be gleaned from AstuteWheel’s evolution is that technology, thoughtfully applied, can enhance ethical practice rather than erode it.
When advisors rely on manual paperwork or insecure emails, time is often wasted on basic data gathering, leaving minimal scope for genuinely valuable strategic conversations. This also raises the chance of errors or omissions. By contrast, an automated solution that collates data, calculates a person’s insurance needs, or generates a review document can free the advisor’s mental capacity to focus on what truly matters: analyzing, educating, and aligning advice with client objectives.
Furthermore, by delegating routine tasks to technology, advisors can scale their practice ethically. With more clients served at the same or higher level of quality, the advisor can either deepen the service or bring new clients onboard. This fosters sustainability for the practice and broader accessibility to professional advice for consumers. From a societal perspective, that addresses a major issue in financial services: many Australians (and people globally) remain under-advised or underinsured. Bridging that gap in a manner consistent with best-interest obligations offers both business growth and ethical satisfaction.
The conversation between Patrick Gardner and Hans Egger highlights a blueprint for what ethical and professional financial advice can—and should—look like in an ever-evolving landscape. By anchoring on values of transparency, security, and client empowerment, advisors can harness technology in ways that sharpen their professional obligations and ensure ethical standards are not just met but exceeded.
From online questionnaires that expedite fact finding, to secure portals that obviate the need for emails, and from interactive visuals that encourage client collaboration to automated generation of review documents that keep advisors compliant, modern software solutions exemplify the marriage of professionalism and technology. Advisors who adapt to these tools better demonstrate their commitment to privacy, diligence, and client understanding, all pillars of ethical financial planning.
Moreover, the future holds promise for even more flexible forms of advice documentation. As regulatory changes, such as those proposed by the QAR, start to come into effect, a well-structured and client-centric system allows advisors to adapt smoothly. Whether the industry embraces shorter or more dynamic SOAs, integrated video-based records of advice, or a new wave of personalized client portals, the foundation remains the same: thorough knowledge of a client’s position, respectful two-way communication, and robust processes that guard client interests at every step.
Financial advice has always been about guiding people through some of life’s biggest decisions—retirement strategies, insurances, savings and investments, estate plans, and beyond. Given such responsibility, an unwavering adherence to ethical principles and professional standards must remain the cornerstone. Technology like AstuteWheel doesn’t replace the human element in advice; rather, it augments it, ensuring that both the advisor’s time and expertise are used where they have the greatest impact. Clients are empowered to articulate goals, understand options, and actively participate in shaping their financial destiny.
Ultimately, efficiency, profitability, and ethical practice need not be at odds. They converge when advisors embrace tools that foster open, informed conversations while upholding data security and compliance standards. If the industry continues to follow the trajectory that Patrick and Hans discuss, the future of financial advice will be one where technology and humanity go hand in hand, creating meaningful, transparent, and secure relationships that stand the test of time. By committing to consistent improvement and leveraging modern solutions, advisors solidify their role not only as financial experts but as stewards of their clients’ trust—a hallmark of true professionalism and ethics in practice.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Professionalism and Ethics
0.30 Total CPD Points