Advice is set for more change as digital technology, client expectations and regulation converge like never before to reshape how advice is produced and delivered.
Digital technology embedded within the advice experience enables practices to respond to these developments, attracting and retaining more clients and setting their business up for the future.
Technology offers many benefits, whether it’s creating a more efficient business, improving the client experience, or strengthening and supporting compliance.
Digital advice technologies are now emerging to augment those benefits for both advisers and their clients.
“Streamlined technology including digital advice can help advice practices become radically efficient while creating contemporary and more scalable ways to engage with a broader set of clients,” says Midwinter Chief Commercial Officer Steve Davison.
“Digital advice technology creates a new landscape where advisers have more time to focus on what they do best, advise and serve new and existing clients and reduce time, effort and risk to manage the historical advice process. Done well this should drive business value”.
“It becomes a tool for advisers to extend their reach and relevance to more clients in a profitable way.”
The digital transformation journey comes with its own challenges, but the rewards can be substantial and will ultimately reshape how advice is delivered and experienced.
A hybrid advice model that combines the best of digital and adviser-led interactions is set to become standard. Those who fail to adopt it will be left behind.
Technology is already being used to provide advice for simple consumer needs and to support many common adviser interactions. It expands the reach of advice to new clients and leaves more time for advisers to spend on client interactions and to manage more complex financial affairs.
Our white paper ‘Digital is reshaping advice: embrace the benefits’ provides a guide for how advice practices can accelerate their digital transformation journey.