Expertise in managing systems and processes is not enough when it comes to helping advisers navigate compliance, technology and business issues, the marketing director of SimplyBiz has said.
Speaking as the company achieved the coveted five-stars at the prestigious Financial Adviser Service Awards 2023, Richard Ardron said it was important to make sure that advisers are supported in "every area of their business, no matter the size or model of their firm".
He said it was not enough simply to be brilliant with technology or a compliance expert, however; what advisers need most is excellence in the way that support is provided to them.
This was particularly crucial post consumer duty, which he said "necessitated a formalisation of the way in which advisers were operating processes and evidencing the advice given, which, in turn, altered the guidance and resources advisers need from us".
Ardron said: "The two most important things that make a good back-office support provider are expertise and flexibility.
"Our technical staff are highly qualified, consistently trained, passionate about their subject area, aware of the changing advisory environment and market, and deserving of the trust which it is so vital our members have in them.
"However, expertise in the services we offer is not enough to make a back-office support provider excel; we also need to be experts in the services our members offer to their clients.
"An in-depth, immersive, understanding of the way in which our members work, the services they offer, the challenges they face, and the diverse lifecycle of their business is essential to us being able to support our members in every way they need."
Service delivery and adviser needs
He added it was also important to be flexible, so the firms served by back-office support providers feel the service is an "extension of their own business".
This means adapting to how members want to be dealt with, whether via the helpdesks, face-to-face business consultancy visits, regulatory audits or using the in-person elements of SimplyBiz's extensive learning and development programme.
Ardron added: "Equally, we have members who prefer to access our compliance hub online, keep their CPD up-to-date through our virtual learning platform, submit files for review through our secure portal, and every combination in between."
Considering whether the needs of advisers may have changed over the years, Ardron told FT Adviser: "To a certain extent, the needs of advisers are – and have always been - driven by two forces; the changing needs of clients, and the changing focus of the regulator and market."
He pointed to consumer duty, adding: "Similarly, increasing complexity in client needs mean that many advisers have opted to specialise in certain product or market areas, outsourcing or referring others.
"This has changed the support needed from us in some cases, meaning the education, regulatory guidance, referral options, and resources needed from back-office support providers have shifted in tandem."
