3 key areas of tech financial advisers should prioritise

By AdviceBridge

If you care about your profitability, then you’ll most likely already have technology to support your back-office administration, but is it as good as it could be at driving efficiencies throughout your business?

Technology moves at speed and so, unless you added new tech in the last year, chances are there’s more you can do to enhance your service, and your profitability.

There are three key areas of tech you should prioritise:

  1. Automation
  2. Integration
  3. Acceleration

AdviceBridge delivers automated digital retirement advice and guidance for financial planners. The digital platform enables you to deliver financial plans to a much wider range of clients, effortlessly and profitably.

Increase your productivity and reduce costs with automation

Traditional advice systems are under increased pressure as new fintech disruptors enable adopters to cut costs, serve more clients, and build greater loyalty from their customers.

Newer tech doesn’t just store information, capture data or undertake a task. Technology can now automatically predict customer behaviour and use it to store insights into customers.

Financial advice firms who invest to adapt their products and services benefit their own business and their clients’.

A survey from Gartner, late last summer, revealed that 65% of chief information officers working in financial services said they planned to increase spending on infrastructure technologies this year.

Over half of those questioned planned to invest in automation “that reduces the need for high-touch processes and contributes to cost optimisation.”

Technology used to automate processes can:

  • Increase productivity
  • Reduce costs
  • Improve customer interactions by enabling you to be more responsive to client needs.

Introduce automation with AdviceBridge

The AdviceBridge platform increases business efficiency and reduces the time you and your staff spend on repetitive processes. This can affect the cost of servicing clients and have a negative knock-on effect on your profitability.

The intuitive platform cuts the time spent on new clients down from the typical 35/45 hours to six hours (including meetings), saving 75% to 85% of the time.

Integration saves time and helps to eliminate human error

Integrating a single system to cover the entire planning process with your back-office systems and platforms will save you time and help to remove human error, which can easily occur when entering information manually.

In a survey carried out by Accenture late last year, several financial services firms said they expected that technology would improve customer loyalty by 40%. They also expected it would help generate fresh revenue sources and had the potential to grow their market share by 31%.

Most financial advisers focus on long-term client relationships rather than basic transactions.

To beat competitors, financial advisers must increase their levels of service and keep the all-important personal touch. Many are looking for ways to use technology developments to provide a relevant, personalised customer experience.

With an increasing demand for the ability to monitor investments in real-time, because of numerous DIY investment apps, financial advisers will need to implement easy-to-use apps and platforms to make it easy for their clients to get clarity on their investment portfolios and financial plans.

Improving automation and finding innovative ways to offer clients an integrated experience will not only enhance the service you provide but will also improve your efficiency.

AdviceBridge integrates with existing software

AdviceBridge is easy to implement within your business. The platform integrates with existing software and significantly improves your business.

Advisers and clients have access to their own separate dashboard, which includes an intuitive and easy-to-use interface for loading or updating information.

It saves you time and helps your clients feel more engaged in their financial future.

Accelerate towards a digital-first approach

Thriving in tomorrow’s market requires advice firms to engage and adopt AI technologies as the foundation for new value propositions and distinctive customer experiences.

Almost everyone has a smartphone these days and adopting a digital-first approach is essential if you’re going to compete with consumers’ desire for instant answers and the ability to trade online through mobile devices.

Access to data and information is a key driver. Increasingly, people expect 24/7 access to information about their investments.

The longer you take to implement these digital services, the harder the battle will be to convert customers who have already sought advice or invested elsewhere.

Automate, integrate and accelerate with AdviceBridge

AdviceBridge automates the processes, research and analysis to generate a retirement plan that you can quickly and easily review before presenting it to your client.

The platform replaces manual processes, digitises many time-consuming processes, and can increase client engagement through its simple and meaningful interface. This leaves you more time to focus on client relationships instead of admin, research or reports.

The intelligent system isn’t just a repository for data

The AdviceBridge system helps speed up decisions. Use the platform to gather information, analyse what is held and how it should be structured. Finally, the system will produce a recommendation report for you to present to your client.

Clients can update their information 24/7 and you’ll get an instant alert telling you about the changes in their finances.

Get in touch

If you want to find out how AdviceBridge can benefit your business and your clients, please get in touch. Email hello@advicebridge.com or call us on 020 3925 3850.