It’s awards season and not just for the world of entertainment. I was lucky enough to be at the PA Awards 2020, held in London on 6 February, when the great and good of the financial advice industry received accolades for jobs well done.
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.
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’ve long championed the role that technology can play in the financial advice profession here at Intelliflo. And why wouldn’t we? Our business management software, Intelligent Office, is used by over a third of the UK financial advice profession, with our technology sitting at the heart of those firms’ operations.
I saw some interesting statistics in a recent communication from Platforum, relating to how robo advice is evolving to increase its commercial viability. The statistics, taken from Platforum’s European Consumer Insights report, reveal that just 18% of European investors are open to using pure robo advice yet almost three times as many would use it if some sort of human advice is also available.
I was absolutely thrilled that Intelliflo was named Best Technology Provider at the 2018 Professional Adviser Awards for a staggering, market leading sixth time – I’d have questioned your sanity had you told me we’d be in this position when we started out in the 2004!
It’s not every day that you get the opportunity to give everyone in the firm a pat on the back for a job well done, so it’s important to take the opportunities when they come along.
I think it’s fair to say that adopting new technology is regarded as a necessary evil for some advisers, particularly now when many find themselves swamped with work.
It’s been a few weeks since our ‘Change the game’ Conferences and after speaking to and receiving feedback from clients, there seems to be a hunger for technology and how it can help financial advisory firms now and in the future. It seems the recurring buzzwords of robo-advice (or robo advisors) and eAdvisors are here to stay and with that in mind I thought it would be an opportune moment to recap on how we see technology supporting advisory firms now and in the future.
Your clients are under attack. At least, if they fall into the ‘Baby Boomer’ category (age 50-70) they are. Not physically of course but their perceived wealth and good fortune is a cause for increasing resentfulness among younger people. Why should this bother you? Because these disgruntled protagonists have the potential to turn into the grim reapers of your future business success.