Practice management, advicetech and superannuation were the topics most discussed by advisers in the second half of 2023, according to financial adviser professional networking platform Ensombl’s latest user insights report, What Advisors Want.
The company says the second edition of its report examines the topics most frequently discussed and engaged with, by around 8,750 platform users, over the second half of 2023.
“Using proprietary AI, more than two million data points were captured and analysed, spanning thousands of conversations and engagement actions across the entire Ensombl ecosystem.”
The next three most talked about topics in the period were:
- Investments
- Technical knowledge
- Life insurance
The firm says among the trends evident in the high-level data was a marked uplift in the frequency of user posts, and a shift in adviser focus.
“Posts around the Top 10 topics were up 54% compared to the first half of 2023. A significant increase in adviser focus on retirement, client experience, platforms, and Centrelink saw these topics break into the Top 10, while professional year, client acquisition, strategy, and SMSFs fell down the rankings and out of the Top 10.”
The company says the second edition of What Advisors Want “…is also the first to plot the frequency, engagement, and sentiment associated with adviser engagement across the platform, enabling two new insight tools to be brought to life – The Blue Ocean Topic Matrix, and the Ensombl Sentiment Index.
It notes the Blue Ocean Topic Matrix maps adviser conversations across two dimensions – frequency and engagement.
“This sees conversations assigned to one of four topic oceans – blue, green, amber, and red. In simple terms, this shows how many advisors are talking about a topic, and how interesting they find that topic.”
Ensombl says that for providers seeking to target advisers, the Blue Ocean matrix “…provides invaluable guidance as to the content and messages likely to achieve the most cut through for the lowest investment, thus driving the highest marketing return on investment.”
Blue Ocean topics include HR, fees and pricing, platforms, and strategy, while red ocean topics (crowded but disengaged conversations) include superannuation, investments, and insurance.
The Ensombl Sentiment Index uses Natural Language Processing to gauge underlying sentiment behind adviser conversations.
“At the start of 2024, adviser sentiment was at its lowest level since October 2020.”
…the frequency of conversations about a topic doesn’t always translate into adviser engagement…
Ensombl CEO Clayton Daniel, says the AI-led analysis revealed the frequency of conversations about a topic doesn’t always translate into adviser engagement.
“Many high-volume conversations, such as those around superannuation and life insurance, are actually quite shallow, BAU-type conversations, with low engagement from advisers. For a provider these ‘red oceans’ are crowded spaces to be in, taking more effort and resources to stand out. Blue ocean topics on the other hand are discussed less frequently, but attract extremely high engagement, allowing providers to stand out, and connect with advisors far more easily.”
…We want real-life adviser problems to shape marketplace solutions…
He says that in terms of shifting advisor focus “…we can see conversations around retirement and Centrelink, two related topics, were significantly higher in the second half of 2023, likely reflecting the increased advertising and marketing by providers in this space.”
He says the firm’s vision as a community “…is to give advisors a seat at the table with providers, creating a conduit between their challenges and the product development and innovation that will shape the future of the profession.”
Daniel says Ensombl wants “…real-life adviser problems to shape marketplace solutions, and by showing providers the topics enabling more effective engagement, we hope to be able to strengthen adviser/provider connection and make it easier to establish that conduit,”
