Technology  

Do you need to change your advice model?

Steve Hutton

Steve Hutton

We clearly need advisers still to be involved in the delivery of advice at this time and anyone trying to build a business without this ingredient needs to have deep pockets and very trusting shareholders.

We should not give up on attracting new bright young things to our industry. Their training needs to include prospecting as well as selling and an understanding of how to work the client banks they may take on over time.

Once we move on from Covid-19, we will see a change in how people consume, work, interact and travel. These are not new phenomena, they have in the main just had an adrenaline rush from the necessity of the current situation. In times of war research and development always accelerates.

Successful advice firms were seeing these trends and have been adapting for several years. Now advice will have to be delivered at a time and in a manner and format that suits clients. 

And this matters more in a post Covid-19 virtual world. From video calls and secure messages to client-led annual suitability reviews and online transfers, the new normal will be a digital one.

Swimming without shorts

The most fundamental parts of building a successful business of scale for the future start with being able to prospect and attract new clients and then being able to onboard them into your proposition. Covid-19 has been the event that will be proven to show who is wearing shorts at low tide.

Technology running alongside human actions will have been imperative to business during this time of isolation and will have shown which companies have been able to grow and keep customers informed and investing.

Having the ability to get accurate valuations is essential but to be able to transact, top up, talk to advisers or host company with all the data that is required to support this from a mobile device is a differentiating factor few will be able to offer.

As an adviser, having all your client records and data on a mobile device if required also proves invaluable to our team.

Regular communication with clients is imperative and strangely this often suffers during times of market stress which is counter- productive to keeping clients happy and informed.

Having data available to be able to keep a reliable dialogue with clients helps referrals and prospecting and keeps an audit trail to support your service proposition, another huge benefit.

The ability to onboard new clients and assets in moments is also a breath of fresh air that reliable trusted technology brings.

This new hybrid advice model allows clients to access advice when they need it, view their investments 24/7, top up investments, communicate with advisers and discuss their financial position with dependants effortlessly at a time to suit them.