The rising tide of regulatory requirements and constantly increasing client expectations are driving adviser costs skywards.
Indeed, advisers, dealer groups, and platforms have already made many advances to increase operational efficiency through technology. However, most advisers still have significant opportunities to capitalise on technology fully. A recent research article published by EY found that 61% of advisers state they have inaccurate technology tools. It's a gap that's costing advisers profitability.
Analysis by Advice Intelligence found the critical areas of opportunity are tools that enable:
- Live and real-time scenario planning
- A greater focus on client outcome-focused goals that are relevant to their specific situation and needs
- Automated digital client data capture
- Improve forecasting and tracking
- Lower the time and cost of delivering advice
- Often, the number of cobbled-together tools creates problems with accuracy and inefficiency. The best of today's technology counters this with streamlined and integrated systems that automate data flow to achieve what's required.
Think of the steps:
- Gather and analyse data
- Prepare reports
- Conduct planning
- Prepare SOA's
- Report on outcomes
If the steps are truncated and require data transposition, there is room for improvement.
The good news is that technology is available that is already disrupting the traditional approach. The adviser's business challenge is to grasp the need and benefits and keep up. A report published by McKinsey found that in the first 12 months of the COVID epidemic, digital business transformation accelerated by an astounding seven years. So the landscape has changed and continues to evolve at pace. Advice Intelligence and the advice software they are developing are examples of this.
We all know technology raises efficiency and lower costs, but it also transforms the customer experience, just like it is in every other part of their lives. It's accelerating client expectations. Software that focuses on goals and how to help advisers match goals to strategic or investment solutions is a logical progression in the adviser technology landscape.
Dynamic Asset's collection of strategic goals based portfolios and integrated business solutions harmonises with the new generation of advice software. Furthermore, their business solution can extend the technology benefits through an end-to-end adviser business solution by being a leading managed account provider using technology to help advisers lower costs. Their unique Portfolio Construction Tool allows advisers to start with client goals identified by planning software such as Advice Intelligence and enables matched portfolio blending to achieve an investment mix that targets specific risk-adjusted returns over particular time periods. Their online reporting provides real-time insights into portfolio performance that helps advisers and clients track performance towards their goals.
It's a solution that conforms to the core philosophy of current regulation – to provide client best interest advice and investment products that fit every client's specific need. Furthermore, it helps advisers by enabling them to do so with efficiency and scalability.
Dynamic Asset can help
Contact us today to learn more about Dynamic Asset's technology tools and how they can work for your business.
