Technology-integrated advice businesses well placed for growth
Amid the dual challenge of rapid industry change, and clients expecting more sophisticated advice delivery, advisory businesses that possess an integrated solution for their platform technology and dealer software needs will be best positioned to prosper, according to Alan Dunne, chief information officer at Fiducian Group.
“A technology solution that integrates administration systems with financial planning software and communicates with clients offers clear efficiency benefits,” says Dunne. “But nowadays, efficiency is largely a hygiene factor, with most advisers and clients believing that mobile and tablet delivery as well as ongoing communications is required as standard features. While Fiducian’s solutions offer this and more, it’s our belief that streamlined back-end and front-end technology which provides accessible expert support to clients is what really frees advisers up to deliver clients best interest and business development.”
Fiducian’s in-house technology team has a 20–year history in developing integrated platform solutions and software tools for financial planners. These include its flagship dealer software, FORCe, with its core CRM functionality with investment modelling, insurance and reporting tools.
“Today’s clients demand better quality and delivery of advice, while advice businesses face ever-greater regulatory pressures that impact their profitability,” continues Dunne. “The faster, more accurate reporting that integrated technology enables makes it easier for planners to keep their finger on the pulse of client portfolios and changing circumstances which allows them to fulfil their compliance obligations.”
With Fiducian’s integrated dealer software and platform solution, advisers can both provide and execute advice. They can undertake client reviews (face to face or online), model investment scenarios, rebalance a portfolio and generate a compliant SoA in quick time. Their support staff can then execute any investment switches via straight-through processing, with no reliance on external platforms to initiate and confirm transactions.
“Integration of platform with dealer software gives advisers greater assurance over the quality of advice execution,” says Luke Grbin, Fiducian’s head of platform services. “And their staff become more efficient, with less paperwork. The upside for advisers is more time for client servicing and business development.”
“As well as the big institutional players, there are a lot of new kids on the block when it comes to platform providers,” says Grbin. “We’ve been building integrated, customised technology solutions for over 20 years. Our automation and high–quality tailored service is difficult for others to match. We’re nimble and we’re responsive. If an advisory business is seeking a sophisticated solution, query or problem they can pick up the phone and talk to me or Alan or any of the team here – the people who actually helped build the technology.”
“Naturally, advisers want great features – and we provide them, but our core philosophy about technology remains unchanged: that it exists to support an advisers’ business and enables them to provide the very best advice to their clients in an efficient and cost-effective manner,” says Dunne.