Greater efficiency and productivity are central to growing any business – and technology is the means to achieve that goal.
Advisers cited efficiency as the strongest benefit of AdviceTech (71.9% of all advice businesses), according to Netwealth’s 2020 AdviceTech report.
While the pace of digital adoption has increased since then, paper-based approaches haven’t yet been fully replaced by digital end-to-end processes. Old habits can be hard to break.
Fact finds are often completed on paper by an adviser or a client and then manually loaded onto an advice platform by support staff, all of which takes time and costs money.
A better approach is to complete fact finds directly in a streamlined advice platform. While this involves creating a new habit, it also offers a pivot point to reshape the practice for the better. The shift can prompt a review of current ways of working when technology employs human-centred design to make it intuitive to use.
Advice technology can enable repeatable tasks to be systemised through workflows. This creates efficiencies through automation and ensures consistent business processes are established and followed.
Research services can eliminate a lot of the leg work required to conduct a product and insurance review, while data feeds ensure an adviser has up-to-date information on a client’s current financial position.
Platforms built with an open API architecture allow advisers to create their own technology solution using best-of-breed providers. This flexibility must be carefully managed as relying on too many types of software can quickly erode efficiency gains.
These efficiency gains free up more time to spend on client relationships, focusing on engagement and communication. This increases advisers’ emphasis on high-value activities which helps boost client satisfaction and support sustainable fees.
Want to find out more? Our free eBook ‘How to choose the right advice software for your practice’ provides a framework to help Advisers and Practice Owners review their advice technology requirements so they can select the software that is best suited to their needs. Click here to download this now.