Realistically, whether it is termed ‘machine learning’ or other techniques, software and technology will continue to evolve and become increasingly capable over time. Therefore, if ‘human’ advisers can respond to the challenges with easy, responsive and adaptable solutions, why not use these and free up time to concentrate on things that add value to the business because of their (end clients’) personal complexity.
An analogy of this could be the medical world and healthcare. Here, specialists are increasingly applying enhanced digital machines that are driven by a ‘human’ operator for precision outcomes and, potentially, reducing human error. As with the ‘hybrid model’ adviser, this technology supports rather than excludes the human-focused specialist. Therefore, as technology advances, the ‘human’ input can be maintained, increased or reduced.
Dealing with tough, complex tasks that are increasingly multi-dimensional, restricted and defined, then advanced technology is an enabler for the adviser, to enhance theirs and their clients’ experiences. Providing the means to delve deep and extract comprehensive analytics allows clients’ needs/values/motivations to be determined in fine detail. This also helps to support business governance, risk control, adherence to regulation, brand management, and strategy development. Such insightful, in-depth data brings enhanced accuracy and access to the high-quality breadth and depth of information needed to analyse, report and justify decisions. There are many benefits to acquiring this level of business insight, including improved client engagement, reduced operational costs, easily identifiable risks and business decisions justified.
The ‘new breed’ of wealth manager is forming partnerships with nimble service and technology providers, which can help them provide turnkey solutions to the challenges faced by professionals whose core role is managing their client’s money.
Of course, survival is possible without fully embracing disruptive technologies and services, but doing so means a huge commitment of time and energy in order to understand and implement solutions to shield oneself against risk.
Chris Fisher is chief executive of Multrees Investor Services
