Latest News

  • Home /
  • Latest News

Technology and the advice journey

28 February 2023
The use of technology has changed enormously over the last three years. The lockdowns and shifts in working patterns stemming from the pandemic forced firms to embrace technology like never before. At the same time, as individuals we all became increasingly comfortable with doing everything online from working and socialising, to shopping and banking.

These trends have played out in the advice sector too, with increased adoption and engagement with technology across the sector, better integration and collaboration with partners across the industry and a growing trend towards client engagement tools like customer portals. Firms today can more easily than ever embed technology into every step of the advice journey to streamline processes and increase efficiencies while improving consistency and driving engagement for clients.
DiagramDescription automatically generated

Getting started
Making the best use of technology starts from the first interaction with the client. Using standard workflows within your practice management you can set up a new client online and use template letters and service fee agreements, which can be sent, signed and returned digitally to reduce the need for hard copies and postage. Plans reviewed, relevant documents and subsequent work can be linked to the client record to keep everything in one place.

The fact find process can also be enhanced with technology such as client portals allowing the client to securely populate, add to, or amend their own data. For instance, enabling clients to scan and upload images of passports or driving licences, or, even better, access the portal via a smartphone or tablet and taking a photo that uploads automatically, can speed up the ID verification process considerably.

Breaking down the information requested into bite-sized chunks within the client portal, rather than one long boring form, helps encourage people to complete it, as well as linking to third-party tools to minimise the need to find and rekey information and improve accuracy. For instance, inputting a postcode automatically brings up the address data and a property valuation, cutting out the task of sourcing or estimating the current home value. Similarly, linking bank accounts or credit cards to the portal via Open Banking provides income and expenditure data at the click of a button, removing the need to trawl through bank statements or hazard a guess.

Feedback from advisers tells us that information completed by clients in this way is often more complete than a paper-based fact-find, giving a more comprehensive view of the client’s finances on which to build the recommendations. Empowering the client to complete and update their own data also ensures it is accurate from the start and can be shared across other systems and tools with confidence. A recent poll of advisers by AdviserSoftware.com found that a third (31%) believed poor data quality was a barrier to digitising more of their business.

Completing attitude to risk and capacity for loss questionnaires via the portal can also save time, or you can work together to input the data directly, either in person or remotely using co-browsing software. This removes the need for paper forms and means the digital questionnaires can easily be stored in the online client record.

We estimate that sharing the completion of the fact find with the client saves advisers around half an hour compared with gathering all the data during the initial meeting. Meaning when you do meet face to face, you’ll have a more detailed picture of their financial situation and can spend more time focusing on the client’s goals and objectives.
 
Shaping the solution
When developing the financial plan, technology can again do a lot of the heavy lifting, supporting the research and due diligence process and helping to stress test the chosen solutions. Using cashflow planning tools with the client can also bring the strategy to life visually and encourage confidence in the strength of the plan and the value that you’re adding to their future finances.

Although some providers still require wet signatures for some transactions, increasingly electronic signatures are accepted. Digitising the process of product applications and transactions makes the advice journey far quicker and less painful for advisers and clients alike, so the market certainly needs to move towards making this the normal way of doing business.

Once the plan is in place, clients can access valuations and check on products, contributions and withdrawals via their client portal whenever they want. This reduces the need for people within the advice firm to answer simple questions, but more importantly gives the client greater ownership of their financial plan, encouraging engagement and long-term buy-in.

Although every firm is different, the advice journey that each client and adviser follows will have many similar steps. Embedding technology throughout the journey can not only improve your business, but it can also strengthen your client relationships and ensure you continue to deliver the best outcomes too.

We transform the advisory experience. Your advice can be life-changing – our technology makes it possible. Book a demo.
 

8 July 2024

Triple Point – Join our CPD webinar: helping investors plan for big life events


1 July 2024

Intergenerational wealth planning for difficult times


24 June 2024

Liontrust Sustainable Investment: Annual Review 2023


19 June 2024

Investing in the energy transition


18 June 2024

Triple Point is partnering with ESG Accord to host a webinar: "A Practical Guide to SDR and Investment Labels for Advisers."


17 June 2024

Latest PruFund monthly investment updates


13 June 2024

Defaqto MPS Comparator: the UK's only accurate MPS performance tool


12 June 2024

Hear about Triple Point Venture VCT - 18th June 2024


6 June 2024

The Nucleus Retirement Confidence Index


24 May 2024

Join us for our Breakfast Briefing with Foresight! June 4th at 9:30am


17 May 2024

Looking forward with optimism


8 May 2024

The retirement income advice red paper


8 May 2024

Liontrust Views: Why smaller can be beautiful for US equities


7 May 2024

CPD Horizon Series: Tax planning for life’s key events


18 April 2024

Liontrust: Opportunities from secular growth trends


15 April 2024

Defaqto Roadshow - The challenges and opportunities of pursuing Income


11 April 2024

Liontrust: US small caps are overlooked and undervalued


4 April 2024

Q1 2024 Rebalance – we think the backdrop is good for stocks


21 March 2024

25 years of ISAs: a quarter of a century of tax-efficient savings and investing


4 March 2024

Stepping out of cash needn’t be daunting


26 February 2024

Managing lifetime wealth – trends in the UK retirement advice industry


23 February 2024

Empowering advice for women in finance


14 February 2024

Tech Matters is here!


5 February 2024

Defaqto upcoming event – Engage webinar 22nd February


1 February 2024

The gender divide in retirement confidence


30 January 2024

SDGs in focus: climate and nature


26 January 2024

Tax year end prep. We’re here to help.


8 December 2023

2023: Another momentous year for markets


8 December 2023

2024 investment outlook


7 December 2023

The 2023 Nucleus UK Retirement Confidence Index


4 December 2023

Paradigm's brand new Technology hub is here


4 December 2023

New service for advisers - Do you have UK clients with overseas assets/liabilities?


30 November 2023

Defaqto Upcoming events - Engage virtual


28 November 2023

Deepbridge Celebrate 2023 Growth Investor Awards Success


22 November 2023

5 reasons why EIS deployment timescales are so important


21 November 2023

November 2023 Asset Allocation Changes: Bonds looking better


20 November 2023

Blackfinch portfolio company Tended named ‘one of the best inventions of 2023’ by Time Magazine


10 November 2023

Value tracker: Where are the cheapest/most expensive stock markets?


9 November 2023

The Asia opportunity – looking for smarter growth


3 November 2023

The big headlines of quarter 3 2023


1 November 2023

Just launched: Octopus Titan VCT


24 October 2023

Understanding Portfolio Management


17 October 2023

It is fair to say that 2023 to date has been a slow year across the Venture Capital (VC) sector


11 October 2023

VCT’s evolving client profile: take another look at your client bank


6 October 2023

Death Benefits


5 October 2023

intelliflo - Building stronger client relationships through technology


4 October 2023

Puma Investments opens £50m fundraise for Puma VCT 13


3 October 2023

Family wealth planning - connected through you


29 September 2023

How well do you know your clients? (Survey + Amazon voucher offer)


25 September 2023

NOW OPEN – Octopus AIM VCTs are open to new investment


14 September 2023

Defaqto ‘Asset allocation – stick or twist’ roadshow


1 September 2023

New maternity law – are you ready?


17 August 2023

Artificial Intelligence: Jobs created or jobs destroyed?


10 August 2023

The big headlines of the second quarter 2023


7 August 2023

Cashflow modelling integral to the advice process


2 August 2023

Asian and emerging markets


28 July 2023

Investment Intelligence Seminars


25 July 2023

Embrace technology to focus on the value of advice


25 July 2023

Emerging-market debt: a potential source of protection and diversification?


21 July 2023

2023 Mid-year Investment Outlook


18 July 2023

25 years of the £2 coin - worth half its value to UK consumers since circulation


5 July 2023

Product and Platform Switching and The Consumer Duty


28 June 2023

How do we invest in the ESG themes range


16 June 2023

eAdviser Index proves the transformative power of technology


8 June 2023

10 tips for the countdown to Consumer Duty


1 June 2023

The easiest financial product to promote


31 May 2023

Invesco's flexible approach for navigating market uncertainty


15 May 2023

Our platform, your way


26 April 2023

Defaqto Spring Roadshow


24 April 2023

Adding value for your clients – Cash flow planning


21 April 2023

PruFund Growth and PruFund Cautious Client Facing Reports


19 April 2023

Puma VCT 13 hits £50 million fundraising target


17 April 2023

Book your free office lunch today


13 April 2023

What next for Open Banking?


22 March 2023

The future of adviser technology


14 March 2023

Property Insight: Commercial Real Estate is always late!


28 February 2023

Technology and the advice journey


23 February 2023

Get ready for tax year end


21 February 2023

Capability, low-cost and choice -retirement planning made easier


3 February 2023

Tax Year End Prep – PRU are here to help


1 February 2023

NOW OPEN – Octopus Ventures Knowledge Intensive EIS Fund


18 January 2023

Listed infrastructure… to the rescue


17 January 2023

Defaqto Engage – CIC Compare