However, life and business are rarely that simple. With 90 per cent of advice firms having less than five advisers, the market is dominated by small firms, many of whom will not have the necessary resources or indeed desire to adopt this level of business change.
Where available for investment, capital might often be better deployed with a greater ROI elsewhere, for example hiring an additional paraplanner or adviser.
And as we have already highlighted, the consumer duty requirements for all firms to avoid foreseeable harms will require any business change activities to be very carefully planned, managed and delivered.
However, as the market becomes more mature, with the existing incumbents becoming more and more experienced from previous implementations, combined with the energy and disruption introduced by the new entrants, any provider or adviser looking at their technology options is likely to find an increasingly competitive and attractive range of options available.
Mike Barrett is consulting director at the Lang Cat
