“The benefit for a client is their level of flexibility of human and digital elements, such as the ability to choose their level of advice, type of product and fee structure,” explains Steve Andrews at Focus Solutions.
“Advisers can reach a much greater range of clients with varying financial advice demands and make servicing all of them profitable using hybrid adviser software to mix self-service and one-to-one advice to best match the client’s needs.
“Not only does this approach enable access to a broader client pool, market segments and new revenue streams through digital, real-time low-cost access to advice, but by maximising the use of technology it can also enable advisers to deliver services in a different way.”
Homeworking
As the Covid-19 situation has made homeworking essential, the technology that enables this to work seamlessly is demonstrating its value.
It’s relevant in normal times too as technology can help advisers service clients who can’t easily make it to an office or likewise saves the adviser time in not having to travel to meet clients. It can all be done from any location with online access.
Tools such as co-browsing software and client portals are especially important in this regard.
These let clients access their data securely and allow advisers to interact with them through the web where they can share documents and provide a full consultation without having to be in the same room.
“There are a wide range of solutions to help advisers work remotely,” says Ian McKenna at FTRC.
“The merits of virtual meetings versus physical have been actively debated for some time. While many firms have embraced solutions like screen sharing and video conferencing, others have been reluctant.
“The lockdown makes this an ideal opportunity to try such services.
“It’s probably best for advisers to start by trying a couple of the mass market tools to find out what they feel comfortable with then speak to the practice management software supplier to identify which specialist solutions they offer*.
“In the long term the specialist tools will be more deeply integrated with practice management systems to deliver additional time-saving and compliance benefits but they need proper evaluation and training in order to achieve the maximum outcomes.”
Investments - structured products
Investing in funds is a relatively efficient experience.
However, not all aspects of investments have entered the modern age.
Structured products traditionally have an old-fashioned application process for advisers and are lagging behind much of the investment sector in offering advisers a digital route.
Investec Bank recently gave the market a jolt into the 21st century by introducing digital applications.
