Robo-advice 

Guide to how advisers are using technology

  • List what technology can be used for throughout the advice process.
  • Identify what due diligence is required to select a technology provider.
  • Describe how technology can help comply with regulation and what the future is for tech in advice.
CPD
Approx.60min
Guide to how advisers are using technology

Introduction

Technology is playing a bigger part in the advice process than ever before. 

Advisers are using it to automate many areas of their business, so finding the right technology provider to outsource to or partner with is an increasingly important part of their due diligence process.

As Stuart Wilson, corporate marketing director at more2life, observes: "People are increasingly relying upon tools like online banking to manage their everyday life, so it’s not surprising that consumers now expect the same level of information and interactivity from other areas of financial services.

"Consumers want to know what is going on with a click of a button, and this expectation will push more providers to embrace the benefits of technology."

Those adviser firms that understand exactly how their clients might use technology and what they want from it are set to benefit the most.

John Diehl, senior vice president of strategic markets at Hartford Funds, recognises: "We all use technology, we just all use it differently. Understand to what extent clients use technology.

"I think that will drive a lot of development over the years in terms of what platforms we’re able to utilise and how can we best serve them."

The features in this guide will look at what role technology can play in the advice process and how technology innovation has been adopted by the industry, what due diligence adviser firms should conduct in order to select a provider and how the technology being used is helping advisers to comply with regulation.

Finally, the guide will consider the future of technology in advice and how advice firms of any size can adapt.

This guide is worth an indicative 60 minutes of CPD.

Contributors to this guide: Anthony Morrow, chief executive of evestor; John Diehl, senior vice president of strategic markets at Hartford Funds; Scott Gallacher, chartered financial planner at Rowley Turton; Rob Gagliardi, digital product and propositions manager at Bravura Solutions; Terry Huddart, head of proposition at the lang cat; Niral Parekh, head of retail wealth and asset management at Capco; Tony Bray, head of business development at threesixty services; Conor Murphy, chief executive of Smartr365; Roger Brosch, chief executive of Foster Denovo; Steve Bryan, director of distribution and marketing at The Exeter; Ray McCarthy, head of distribution at AIR Sourcing; Julie Genjac, managing director of strategic markets at Hartford Funds; Nick Eatock, executive chairman, Intelliflo; Hartford Funds.

Ellie Duncan is features editor at FTAdviser and Financial Adviser

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to Mr Bray, it is only in the past 12 to 18 months that the industry has witnessed technology with what?

  2. Which one of these is not one of the eight main areas advisers should cover off on a due diligence questionnaire?

  3. Mr Murphy says advisers prefer a technology solution that is what two things?

  4. According to Mr Parekh: "[The] FCA’s sandbox is generally a useful way for firms and fintechs to drive innovation in wealth management." True or false?

  5. What does Mr Wilson say the FCA has been when it comes to technology?

  6. Technology will play a key role in driving the definition of what, says Mr Parekh?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • List what technology can be used for throughout the advice process.
  • Identify what due diligence is required to select a technology provider.
  • Describe how technology can help comply with regulation and what the future is for tech in advice.

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