Technology  

Adviser platforms need to be 'configurable', says Wealth Wizards founder

Napier said the industry would reach a common standard eventually, but that it was about getting old legacy providers to make data work better.

For this, she again referred platforms to the benefits of micro services architecture. “Pull it all together, put it in a format that an adviser needs to receive it, and hook that back in.”

Vail said the platform industry was in need of open data standards. 

“When you set a client up, you should be able to get any information you like back. Why are we talking about annual reviews? Shouldn't a client be able to review their holdings anytime? The adviser should be able to run a report whenever they want to.

“The challenge is going to be to get there. We need open data standards, and that's going to be harder than we all hope I’m sure. But we’ve got to work on them.”

Lena Patel, director of ISJ Financial Planning, also speaking at the HomeGames session, agreed the process around annual reviews needed to speed up.

But she also said some platforms needed to review their integrations. “The integrations are there, but they’re not at the deeper level they need to be - ie, everything synchronised without the need for manual input.”

She added: “It’s ok saying ‘we’ve got APIs [application programme interfaces] and lots of integrations’ but they’ve got to be good quality and robust stuff we can use and rely upon.

“There’s nothing worse than having something that’s not quite right, and then having the client see that. It just makes you look inept.”

ruby.hinchliffe@ft.com