Hamish Purdey, Intelliflo's CEO, was interviewed as part of Asset TV's March regulatory round-up, focusing on how Brexit could affect the regulatory landscape and how technology is helping the financial services industry to be compliant.
The concept of big data is nothing new and it has been discussed in the financial services space for many years, being poured over at conferences as banks and intermediaries alike have grappled with all of the data that they house, how they can monetise it and how they can use it to improve their businesses. But, practically, what does it mean for your financial advice business and how can back office technology help?
We are all well versed in using apps – they add capability to our smart phones, tablets and televisions. Installing an app boosts the functionality that is available to us, be it having a weather forecast to hand, playing a game to kill five minutes on the train, messaging friends or checking the football scores. And the beauty of this is that it is a very unique thing. Whilst several of the people you know might have the same phone as you, it is unlikely that they have the same set of apps as you, so bespoke is your user experience.
Were you ever curious about a person and looked him or her up online? You might’ve come across his or her social media accounts, personal website, pictures and work. While doing this casual research, did you notice that you were beginning to develop an opinion or understanding of who that person is and what he or she is all about?
Open architecture is a philosophy that we have always subscribed to. In the financial advice profession it is usually attributed to platforms who work with the entire fund management industry. With technology playing an increasingly prevalent role in our industry, however, the phrase ‘open architecture’ has a much wider connotation and is now itself playing a more prominent role in the discussions we have with clients, colleagues and advice firms.
The day-to-day running of a financial advice business can be an all-consuming process in itself, often getting in the way of finding the time and space to make strategic decisions. Add to that the time pressures of life in general and finding time to plan ahead can be challenging.
What would you do with more time? It is a very personal question, but something everyone will have an opinion on. More time on the golf course, more time with the family, more time spent on your business; more time is something we could all use.
We have been running our social media survey for five years now to gauge how financial advice firms use social media platforms in their businesses. The presence of platforms such as Facebook and Twitter have become so ubiquitous in our everyday lives that their use from a business perspective has become inevitable.