There’s been a lot of discussion around the technological impact industries will feel in the wake of the COVID-19 pandemic, particularly to the way we work. Diving deeper into the impacts expected to shake up the advisory space, Chris Ridd sat down with Founder & Managing Director of Pitch Labs, Jarrod Morris, to discuss what might be on the horizon.
Jarrod began his career at KPMG in their cadetship program and quickly moved through impressive projects over the years including the launch of GroupOn in the Australian context, as well as relocating from Sydney to Adelaide to do the rebrand and relaunch of buy now, pay later platform Humm. Now, he dedicates himself to building what he calls the “future firm”.
“Pitch Labs wears two hats. The first one is in recognition of the fact that we’re seeing generational shift in our client base, whereby ways of succession and patriarchs are handing over the reigns to the next generation, and that generation is wanting a more technology enabled solution, they want to be interacting their data and they want to be looking at their adviser like coaches, as opposed to people they just outsource the compliance obligations too.”
Jarrod explains that Pitch Labs is a stand alone entity which enables the team to look into business development opportunities, and the shift toward a subscription based business model is something that resonates strongly with their clients. “As you’ve rightly identified it’s not rocket science, we’re not reinventing the wheel necessarily, I just think from a marketing perspective that’s something that resonates.”
“From a Pitch Labs perspective, we’re looking at automating a lot of what is the existing transactional elements of both book keeping and compliance, and leveraging best in-class technology solutions to free up the capacity of our staff to deal with more commercial objectives of those businesses.”
Jarrod believes technology will play a huge part in what the longer term implications are for the advisory world. “Businesses will be reluctant to reemploy individuals put into hibernation, stood down or worst case made redundant, as they might start to explore what those outsourced possibilities look like because of the costs associated with rehiring.”
You can view their full conversation here: