Personalisation at scale
When intelliflo launched in 2004, we were in an era when advice centred on products and was driven by commission. For the last decade though, thanks to the Retail Distribution Review, the advice profession has become far more client-centred, and more recently Consumer Duty has reaffirmed the importance of a client-driven approach to advice.
Today, financial advice is the ultimate personalised experience, with suitability to individual circumstances a central tenet of financial planning. However, this personalised experience is difficult to provide effectively at scale without technology.
Advice technology has also evolved over the last ten years to support client-centric advice, transforming from largely focussing on record keeping to full practice management functionality. The shift reflects a growing recognition that technology can enhance the advice process as well as administer it.
However, there’s much more that technology can do to support personalisation as firms grow. I think in 2024 we’ll see significant changes in how advisers use technology to strengthen processes and deliver high-quality, individualised advice to more people.