Fact finding should also be completed by customers digitally to complete the hard facts, and then the human adviser can engage with them for the soft facts, which are the dreams and aspirations of the client.
“The diagnosis: Every advice firm has an advice policy, a way they deal with various aspects of advice,” he said. “Algorithms can be designed that match to the advice policy, meaning there is no longer a need to spend four to seven hours in diagnosis.
“An algorithm can align to the advice policy and the cashflow modelling, so ultimately that part is removed from the adviser’s task list. The adviser still has control over the process but consistency of approach is provided across the advice process and across the business.”
Finally, he explained firms were spending up to seven hours writing suitability reports.
“We have driven that down to 30-35 minutes, through using personal objectives that are keyed into the fact find,” he said.
“As you are talking to your customer the suitability report is being written behind the scenes. That’s how far technology has come.”
The end result of letting technology take the heavy lifting, in a real-world customer case study, has been proven to drive down the end-to-end advice process from 35 to nine hours, Hall added.
“Hybrid advice provides for a better experience all round. For the customer, who feels the same pain-points in a process as the adviser, and for the adviser, who has more quality time building the relationship with the customer, focusing on client objectives and dealing with the more complex advice issues, as well as having their time freed up to see more customers.”
Last month, FTAdviser spoke to a number of firms about their experience of providing advice post-lockdown, as well as their return to office premises, and found a range of contrasting views, with some saying the Covid-19 pandemic had produced a permanent shift to some clients' preferences.
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