Fund management companies and advisers are too internally focused and need to embrace new technology, says Peter Maher, group head of banking and financial services at Macquarie Bank Ltd.

“Are we thinking through a too traditional lens?” asks Maher, who is also chairman of the Financial Services Council.

“We’re internally focused on communications. We need to connect with clients, invest in new technologies, look at Twitter and Facebook.”

Macquarie is examining how it is communicating with its customers and its products, says Maher. He says the market may be demanding investment products created years ago that limit risk.

“Products may have been built years ago, structured, packaged, delivered and communicated,” says Maher.