Advisers shouldn't necessarily focus on the front end of their business when thinking about the benefits of technology.
Russ Kliman, head of strategic programmes and innovation at asset manager and administrator SEI, said the greatest benefits of technology could come from using it across an advice business.
But speaking at the Personal Investment Management & Financial Advice Association (Pimfa) fintech conference today, he warned advisers they should have a business strategy, rather than investing in technology for the sake of it.
Mr Kliman said: "Everybody gets excited about the front office because it is something the customer can touch and feel.
"Don't stop at the front office. Work your way through the middle office and the back office. It is often easy to focus on what we can touch and feel with our hands.
"Start by building a business strategy, not a digital strategy. Start by looking at your entire business processes."
Mr Kliman added that if advisers integrated technology into their whole business, it would make them more "agile" and make it easier for them to adapt to changes which happened further down the line.
He also lamented the fact many firms hire a specific department to focus on digitising their business, rather than integrating this process into the company as a whole.
Mr Kliman said: "We need to move it from being on the side, with the integration driven by technical leaders and have it being part of the core of the business, driven by the chief executive."
damian.fantato@ft.com
