Taking IT head on

Under the FSA's Conduct of Business Rules (4.3.6), authorised advisers are required to record and show accurately what they receive for both initial and renewal commissions. In addition, payments by a provider for business completed need be stored alongside a client record and detail on a per client basis.

Curran believes that the growing emphasis on service-oriented firms, in contrast to more product sales focused businesses, makes the reconciliation of renewal commissions every bit as important as initial commission. He is equally keen to highlight other everyday, but increasingly important ,functions such as client reviews and securing valuations, particularly for older contracts. He urges advisers to seize opportunities to transform their new business applications by adopting electronic techniques.

Take-up tactics

Both suppliers and product providers need to address continuing under-exploitation among adviser firms of online services for new business and policy servicing. The 2006 E-Adviser survey showed that more than half of firms surveyed did not access these services. Even among larger firms, use tended to be restricted to administrators and planners, and only by a quarter of advisers. Mixed experiences of using various providers'extranet and portal services have been recorded and advisers said that they were feeling more restricted than liberated by too many 'closed set-ups'.

The survey concluded that lack of awareness and skills in dealing with complex technical issues continued to be a major hurdle for the adviser community - a mammoth challenge that suppliers and providers have only just begun to address.

At a time when suppliers such as 1st Software enthuse over the next wave of opportunities from 'tablet'technology (mobile, notepad-style computers) and a range of advanced, integrated portable tools, many advisers still criticise a lack of available training, for instance, in the use of portals.

Adviser technology is seeing rapid advances, which at present seem to be available, for various reasons, only to parts of the IFA community. While few want to put the brakes on this development, it seems clear that an open and flexible approach by the market will help advisers get the best of technology for their businesses.

The coming months should see advances made by the top systems suppliers continuing apace with increasing integrations, smart client applications and closer relationships forged with leading adviser firms and providers on the horizon. Expect renewed efforts to provide a central exchange for technology issues in the industry, providing encouragement for the wider accessibility of information, services and procedures. Training will play a growing role in embedding technology skills and issues in more and more firms.