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Cutting-Edge Adviser Innovation Which Reduces The Cost To Serve

An Intuitive Mindset & Tech Go Hand In Hand

The impact of new technologies in the financial adviser industry 

Embracing cutting-edge AdviceTech is essential for financial advisers as they enter a new decade of agile financial planning functions.
There’s a shift in the current advice business model, mainly driven by the triangulation of regulation, technology, and consumer demand.
These disruptive changes are happening at a rapid pace, we need licensees & product provider stakeholders to gain more from their technology platform in order for the adviser community to deliver a better advice client experience, and obtain more from the planning & analysis function.

In particular, advisers need better tools for:

  • Live & real-time scenario planning with clients
  • Client outcome-focused (life goals)
  • Digital client data capture
  • Leverage data to improve forecasting & tracking
  • Time & cost to deliver advice

The role of innovative tech in personal finance

There has been a lack of modern, innovative tech for advisers, and their clients to make the advice process polished, simple, and engaging.
EY’s latest paper highlights that 61% of advisers state they have inaccurate technology tools, reiterating the pain advisers are going through and the need for relief.
Licensees have, and continue to rely on inefficient tools like spreadsheets and out-of-date paraplanning technology.
There is underinvestment in innovative planning technology, with licensees still sticking within the legacy technology landscape, yet expecting different outcomes.

This has led to common challenges from licensees such as:

  • Lack of visibility & accessibility to advice documents (lack of single & centralised advice records)
  • Inability to track & monitor clients & advice within the advice process (lack of digital automation)
  • Absence of an inspiring & digital client experience, in line with today’s consumer expectations (via smartphone life apps)
  • Inadequate scenario modeling to compare investments & risk in relation to goal achievability & objectives (best interests)
  • Ineffective decision making
  • Time & cost to deliver advice
  • Lack of open API’s
COVID has certainly forced businesses to fast-track the way they deliver their services via digital. There is intense pressure from consumers to deliver financial advice via digital means, the scenario planning & analysis via online tools over zooms or team meetings. However, the challenge is that legacy financial planning tech is not fit for this purpose. New tools are needed.

Cutting-edge tech innovations are reducing cost

Today’s advice businesses that harness new innovative technology, will empower their planning function to be more proactive, efficient, and attractive for clients.
New-world AdviceTech is emerging for licensees and advice businesses, it is fast-growing and provides hope for a more sustainable advice value proposition that’s easier for advisers to articulate to consumers.
a.i.’s WealthMap is an advisory tool that’s breaking new ground. It provides advisers with an interactive way of exploring client goals and future possibilities via live scenario modelling, which can be done online over virtual meetings.
It helps demonstrate how your advice strategies & investment recommendations can put your clients into a better position, using their current financial position, including their life goal achievability. All the compliance aspects are taken care of behind the scenes.
Another tool connecting advisers with their clients is a.i.’s WealthApp, which provides clients with a mobile app that brings together their financial plan, goals, services, and fees. It is a great way advisers can collaborate and keep a digital audit trail.
If you want to learn more about how the Advice Intelligence software can provide innovation & efficiency for your advisory practice, book a demo or contact us directly.