Our research shows that most advisers (around or over 80%) use a back-office system, cashflow modelling tools and risk-profiling or suitability tools, and just over half use a client portal. We recently published our adviser tech report based on more than 1,700 reviews on the NextWealth Directory, along with a survey of 227 financial advisers in December. This is appalling.Ĭan you imagine if the Ministry of Defence could not join up data from the Army and the Navy? Or if Amazon’s recommendation system could not trust website metrics about whether you lingered on a Harry Potter book page when it makes new product suggestions? That is what happens with the technical systems to support people’s investments and savings.
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Advisers need to re-key information across various software systems, and they often cannot trust the data that is read from one system to another.
But at the same time, there is deep frustration because systems do not work together. Few expect to change providers in the next year. Most advisers are satisfied with their tech stack. Yet we are a long way away from a reality where technology truly supports adviser–client relationships. Whether a client’s financial objectives have changed, many people’s economic circumstances will take a significant turn as a result of weeks or months of self-isolation. Many of us have found that our priorities have shifted in face of Covid-19.
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The lockdown has brought into sharp focus the need to constantly update client goals. If doctors can do it, why not advisers? The ministry of advice
Just as Covid-19 has given rise to remote-working, telemedicine and online education, one of its lasting effects will be to encourage remote financial advice too. And those meetings will rarely happen in person. Data can spur a two-way street between the two.Īdviser review meetings will happen when they need to happen, rather than on an artificially determined anniversary date. Artificial intelligence will be used to track key metrics and nudge the adviser to contact the client or encourage the client to call the adviser. The digital portal will constantly adapt to new data from numerous certified sources, not just financial data but location records, health data, family details and more. The client and the adviser will work together through a data-driven digital portal to continually update and track progress against agreed objectives. This increases risk, drives up costs and results in subpar service for clients, as well as time-consuming headaches for those using the system and the person trying to fix them if they, god forbid, all break at once.Īt NextWealth, we envision a future with no static financial plans. But the reality is that advisers are trying to cobble together tech systems that do not interconnect. I am excited at the opportunities that innovation offers to advisers. I spend a lot of time talking to advisers about the technology they use to run their businesses. That acceptance holds companies back and prevents wider industry growth. All too often, we accept that tech does not work well. We should be able to assume that technology works invisibly and perfectly. That anecdote is a new way to imagine technology in business. The ideal system would suggest just one product – the very next item the customer wanted to buy. Amazon chief executive Jeff Bezos once remarked that despite the success of Amazon’s automated recommendation system, it was imperfect.
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