Technology to unlock adviser efficiency and client focus

Look no further than today’s headlines and see the tremendous impact that technology is having on virtually every industry. The wealth management industry is no different - with major shifts over the past few years due to the adoption of new technology tools coupled with increased regulatory oversight and the expansion of Artificial Intelligence (AI).

As such, wealth advisers face industry-wide challenges that can either be helped or hindered by technology, depending on the approach. But to effectively compete and continue to provide exceptional service to their clients, firms need to identify and implement the right technology solutions to help them maximise efficiency while freeing up time to grow their business.

According to Capgemini, it is estimated that advisers dedicate 67% of their time to non-revenue generating, non-client facing activity. Much of this time is spent gathering data and information, re-keying data, correcting mistakes, and signing in and out of various applications. The same study found that just 9% of adviser time is spent on client interactions. With all this time spent on tedious administrative tasks at the expense of time spent with clients, it is no wonder adviser value is being questioned. Advisers struggle to find the hours in a day to focus on higher-value work and interactions that allow them to dedicate their efforts to achieving their client’s personalised goals. The right technology tools can automate much of the day-to-day; streamlining processes and functions that reduce both time and errors - and do so at scale. With the right technology tools, advisers can bolster essential productivity and, thus, free up time for value-adding tasks that will grow and retain clients in this increasingly competitive environment.

Today both advisers and their clients have more access to information than ever before. However, when advisers are using disparate systems and multiple sources of information, they are also then dealing with disparate data. If there is no single source of truth, for advisers or clients, data is hard to find, action, and trust. This is a challenge that is not going to resolve itself, so the question becomes how you can use all this data to your advantage and improve your offering.

The first step in tackling data overload is to use technology to consolidate inputs from various structured and unstructured sources into one centralised location; ensuring security, accuracy, and usability. This is critical not only for adviser productivity but to meet the existential threat posed by a regulator who demands a single source of data as and when they require it.

With data consolidated and actionable, the right technology can then be deployed to help harness the power of this information, uncovering valuable insights and trends that can shape investment strategies. When these data resources are paired with user-friendly digital platforms and targeted content, advisers can drastically improve client engagement driving retention and growth of their accounts.

The right technology tools can automate, customise, and replicate at scale the specific details that allow for true personalisation. With the right data-driven tools, advisers can offer more personalised portfolios tailored to clients’ unique goals and risk tolerance.

It is no surprise that clients today have higher expectations. More advisory options are available to them, more data resources to help educate and empower them, and more technology tools to individualise investment options. To effectively compete in this environment, advisers must be able to go above and beyond the mass available products and truly demonstrate their value and justify their expense. One way to ensure visible value is to offer true personalisation to each client. But with increasing books of business, how can advisers offer meaningful personalisation at scale?

The right technology tools can automate, customise, and replicate at scale the specific details that allow for true personalisation. With the right data-driven tools, advisers can offer more personalised portfolios tailored to clients’ unique goals and risk tolerance and do so for all their clients across the wealth continuum. These technology tools can be harnessed for real-time monitoring and reporting, helping advisers ensure portfolios stay on track and do so over time. Couple these tools with digitised behavioural analysis, and advisers are empowered to help guide each of their clients to remain engaged in their financial journey.

Michael Basi Head of Wealth Proposition (EMEA)