The business of financial advice isn't getting any easier. We know. It's an understatement. Turbulent market conditions, escalating client expectations and the rising cost of compliance don't make for a smooth ride.
What if there was a way of simplifying business and lowering operating costs? A method ready-made for challenging economic and market conditions, more in-tune with client needs and of being more inherently compliant?
Well, there is, and it's available right now. But we'll come back to that.
Most change in business occurs incrementally. We seek to adapt to current conditions or take advantage of new products or technologies to improve things.
But we all know from life and work that the equivalent of Newton's third law is always in play – equal and opposite reactions. We always seem to have to deal with another complexity that offsets the benefit of every gain we make through something like a technology-led efficiency gain. We have to do it to keep up, but it's not a step-change that creates a competitive advantage.
Step-change comes in the form of a leap that reshapes the way we do things. Step changes do make a difference and create competitive advantage.
It's the same with managed account solutions. Many advisers still assemble their managed accounts solutions within client portfolios in much the same way that funds have always been assembled. It's administratively burdensome and time-consuming. Plus, if the portfolios are being constructed using SAA methodology, it's essentially the equivalent of rearranging deckchairs - swapping out one version of administration service and portfolio management for another.
Risk profiling (SAA) is a case of mixing long-term historical asset class performance with short-term fund performance to try and realise a future result. It sounds complex and contradictory, but it happens every day. Think about it.
So, what answers the need for greater simplicity, client-centricity, compliance and readiness for today's climate? It's a solution, not a product.
Imagine a single solution that can meet the needs of almost every investment strategy. It is a solution consisting of a complete set of portfolios that targets specific risk-return outcomes that align with client goals. Imagine the portfolios can then be blended to very specifically match each client's future financial goals precisely. It's the nirvana of mass customisation. Imagine how much better compliance is with the client's best interest obligations being inherently tighter by creating a direct link between the strategic advice and investment portfolios.
Well, these portfolios are here right now. A full range of portfolios is actively managed using Dynamic Asset Allocation, which uses a broader asset spread to focus on future risk-return outcomes rather than alignment with a past that will never be repeated.
It's called the Dynamic Asset Managed Account Solution. It was built by planners, for planners, and it's an end-to-end business solution that's ready to plug into your advice business today.
Ask us to show you how it can lower costs, simplify business, and satisfy clients and compliance obligations. All in a way that's fit for today and tomorrow.
