I was interested to read a recent article about advisers challenging MiFID II plans to record client calls (Money Marketing 6 Oct 2016). It’s clear the suggestion that all advisers should have to record calls is seen as costly and burdensome, particularly for small firms. However, there are solutions available that solve the issue which won’t break the bank.
The internet, e-mail, social media, mobile sites, cloud storage, 24/7 access from seemingly anywhere; the march of technology into our lives has been as irrepressible as it has been impressive. It has shaken up the established order and opened up limitless opportunities to individuals and firms to start up, maintain and improve their personal and professional lives.
You’ve done the exams, you’ve set up a practice, you’re starting to attract clients; how can you fulfil your potential as a financial adviser?
Having the right business management system in place to support your business is imperative. With everything moving online, advisers have the opportunity to run their business and advise their clients through cloud technology. The cost and time savings enable them to spend more time on their clients, reducing the burden of administration.
E-advice, robo advice, automated advice; the pervasion of financial advice delivered through technology continues apace, although many financial advisers feel we are a way off the tipping point where the old practices of existing clients must be balanced with the new practices of potential clients.
If sorry is the hardest word, then change is the hardest action. It raises the spectre of one thing we are all inherently programmed to hate: uncertainty. We are all creatures of habit.
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.
I read an article recently on the BBC website about banks closing over 600 branches over the past year due to more consumers favouring online banking. In the article a spokesperson for HSBC quoted The way we bank is changing very quickly, and with an increase in the use of online and telephone banking over the past few years, use of branches has fallen significantly.
I’m taking a short break from writing about my placement year experience, thankfully meaning the sandwich puns will stop for now. Instead I wanted to write about my views on the younger generation’s knowledge (or lack of) when it comes to finance.
I’ve now passed the halfway stage of my placement at Intelliflo and 7 months down the line I’ve learnt a lot. I’ve been working within the marketing department for two months now and have had some truly unique experiences. It’s again been a great learning curve for me so far, being completely the opposite from the Finance department! I’ve had to adapt quickly, developing new skillsets, using new pieces of software and taking on a lot of responsibility.
