Intelliflo, a provider of web-based business management software for financial advisors, has expanded its operations to Australia. The firm officially launched in Australia on Wednesday after successfully conducting trials of its financial advice software, Intelliflo Office with large financial advisory firms in the country last year.

The launch in Australia follows Intelliflo’s established market presence in the United Kingdom and its launch in the United States. In the UK, Intelliflo says it now boasts 46% of the market share. In March 2021, Invesco, a global investment company and the parent company of Intelliflo, collapsed five of its software businesses under the Intelliflo brand.

In a statement shared with Finance Magnates on Wednesday, Intelliflo, the independent subsidiary of Invesco, noted that it has started recording “strong take-up” in Australia having issued several licenses and onboarded various dealer groups.

Australia’s $1.6 Trillion Financial Advisory Market

According to RainMarker Information, a research company, the Australian financial advisory industry’s funds under advice stood at $1.6 trillion at the end of September 2022. However, in the last three years, the number of financial advisers in Australia dropped by 38% from 26,500 to 16,671.

The numbers declined after the Australian Securities and Exchange Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) started to demand that all advisers must be registered on the ASIC Financial Adviser Register (FAR). RainMarker, in one of its possible-scenario projections, noted that Australia in the next five years might run out of financial advisers if the current rate of decline continues unchecked.

Intelliflo Seeks to Cut Cost of Financial Advice in Australia

Speaking on the state of the market, Intelliflo noted many financial advisers in Australia are limited in their operations as a result of a combination of higher costs and a lack of time and resources. Nick Eatock, the Founder and CEO of Intelliflo, pointed out that fusing technology effectively into the advice process can help bring down the cost of providing financial advice through better efficiency and economies of scale.

“As a firm we know how to break the vicious cycle of less advisers, higher cost of advice, less people getting advice,” Eatock noted.

Intelliflo says it supports over 30,000 financial advisers that manage over three million end-investors across the world. The company further notes that it advises over $1 trillion across its platforms.