Embracing technology and guiding clients through the investment process will help retain business, according to Justin Urquhart Stewart.
The Seven Investment Management marketing director told Money Management in a video interview that having the component parts does not mean clients can manage themselves.
“It’s a bit like having access to the Meccano set or the chemistry set,” he said. “You’ve got all the bits and pieces, but how do you put them together? Yes, some of it you can do yourself, but after a while you seek professional help and advice.”
Having technology available does not need to mean advisers are left out of the loop, Mr Urquhart Stewart said.
“This method of communicating with clients is hand held with their planners and advisers; they’re the ones who say let’s put in these boundaries, this amount of money being saved at this sort of return in these sorts of tax wrappers.”
Although investors can learn how to execute transactions themselves, life events will always prompt engagement with an adviser, he added.
“Increasingly, more will learn to appreciate the strength and expertise of the professional adviser and planner to help them with it, but in a way they can now better understand using technology they’re more familiar with,” Mr Urquhart Stewart said.