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Advisers must embrace tech to offer personalised services

Advisers must embrace tech to offer personalised services

Advisers need to embrace evolving technologies such as data analytics to offer clients more personalised services, according to a management consultancy.

Speaking at the Pimfa adviser forum yesterday (January 22), Ian Woodhouse, head of strategy and change at management consultancy Orbium, said the advice market was beginning to change and move away from investment advice to offer broader advice.

He went on to say that advice firms need to embrace technology to offer this broader advice as nowadays giving advice is much more complicated due to changes such as pension freedoms and intergenerational planning.

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Mr Woodhouse said: “Technology has increased adviser’s client base, but this is often at the expense of quality and having an adviser sat on the other side of the table.

“Going forward advisers need to learn how to make digital personal. They will do this by giving advice which is supplemented by data and analytics.

“Technology will allow advisers to manage client information more effectively.”

He added advisers now have many opportunities to provide valued advice.

In the past, advice was centered around accumulation but the conversation has switched and clients are more concerned about what to do with their finances in decumulation, Mr Woodhouse explained.

He said that if advisers were able to use technology to personalise their offer to clients then they will end up with clients that are a lot more engaged.

Mr Woodhouse said: “Going forward client communications will be much more intuitive and on demand. However, the downside to this is that advisers will need to consider privacy and tighter data rules but these are hurdles which can be overcome.

“Though this the client will  be given a much richer experience.”

He suggested advisers may be able to charge more for their services if they are able to offer more intelligent and higher quality advice.

Mr Woodhouse added: “Firms that will succeed will develop and enable their advisers to enhance their communications and interaction capabilities. 

“There will be a higher level of emotional intelligence and understanding of evolving client needs.”

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