Advice businesses need to examine their technology to see whether their processes really are seamless and efficient, not disjointed and cumbersome, a panel has agreed.
During an interactive masterclass at the FT Adviser Financial Advice Forum in London (September 24), guest speakers explained how the evolution of the advice industry has meant it is vital for back office solutions and advanced platforms to help advisers drive efficiency and improve client service.
Ronald Janssen, head of innovation and research for global wealth solutions at Ortec Finance, said: "It is vital to have that two-way integration. There is really only one single point of truth but advisers are using different systems."
The lack of end-to-end solutions has been, and can be, problematic, which is why making sure the tech works for the advice business is crucial.
He urged delegates to take steps to ensure there is a cohesive experience within the firm, empowering everyone in the firm to help clients achieve their goals.
Amyr Rocha Lima, managing director of Strategic Wealth Partners, said it was important not to "lose momentum" along the way in terms of provider and internal processes when it comes to onboarding clients.
He said this was why it is important for financial advisers to "be honest as to whether they have seen or feel overwhelmed with disjointed, complicated processes or incorrect data input".
There was also a clear need to reduce the "fragmentation" within the business processes to enable the firm to "buy into the mission" of serving the client for life, the panel agreed.
According to Rocha Lima, this is the only way that small to medium-sized advisers can compete against the big guns in the UK.
Lena Patel, director of ISJ Independent Financial Planning, agreed. She said: "We are living in a world of apps but feeding into a good system that is robust is important in helping to ensure the client's goals and objectives can become a reality."
Another issue with the client onboarding is how advisers grow their business and become sustainable.
"From a growth point of view, when it comes to integration we need to make sure that we have the right technological infrastructure in place", according to Rio Stedford, head of financial planning for Finura.
She added: "If there are stopping points in the functionality between systems or there is no data management integration across the technology, how do you know which lever to pull to grow?"
Tips for success
"Seem seamless: start with the end point in mind" - this was the key piece of advice from Patel to the audience.
Stedford encouraged white labelling and said advisers also needed to be clear about what they want from a piece of technology - and if they are not getting it, they need to be asking how to get the right fit for the firm.
