Cloud-based advice technology platform intelliflo has officially commenced operations in Australia.
The goal of the provider is to increase the value of advice for Australians and use software and systems to make financial advice and investment more efficient and effective for both advisers and their clients.
As part of the development of the Australian office, the firm worked with large advice firms who were also early adopters of the intelliflo office solution, obtaining their feedback and ensuring the solution was fit for purpose for the Australian regulatory and tax environment.
The platform currently supports over 30,000 advisers worldwide, with over three million end-investors and over $1 trillion advised across its platforms.
The tech provider enters the Australian market as a smaller player despite having a large foothold in the UK. It faces a similar situation to homegrown rival Iress which has a dominant market share in Australia, but has struggled in the UK.
Stuart Alsop, intelliflo head of sales in Australia, joined the Australian arm of the firm last year.
“It took over 20,000 days to develop the local Australian intelliflo office solution and it is fast becoming an integral part of the financial advice business in Australia,” Alsop said.
“Australia and the UK are so similar when it comes to the value of financial advice. They’re often a step ahead and a step behind each other.”