Planning practices employing tech-heads rather than experienced planners

financial-planning/recruitment/Software/financial-planning-software/financial-advisers/

14 July 2009
| By Lucinda Beaman |

Financial planning practices are employing ‘technologists’ rather than future financial planners as they battle to use advice software, according to one software provider.

Midwinter Financial Services general manager — strategy and technical services, Matthew Esler, said many planning practices are restricted by what he calls “incumbent and monolithic” financial planning software.

He believes this leads to the inefficient operation of some planning practices, and points to the recruitment of staff as one barometer.

Esler said the challenges advisers face in using planning software means it isn’t being used by “experienced (and older) financial advisers, but inexperienced (and younger) paraplanners and support staff”.

“Instead of employing future financial planners with the ability to understand the needs and objectives of the client, and the ability to sell that need back to the client, financial advice practices are forced to employ technologists,” Esler said.

He describes such technologists as “tech-savvy paraplanners and support staff with limited traditional financial planning ability”.

“Advisers need to ask themselves are they recruiting staff to build a business based on quality advice and relationships, or are they recruiting to mask inefficient technology,” Esler said.

He believes practices should focus on “recruiting staff with the traditional financial planning and people skills required to expand their business”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 4 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

3 days 19 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 6 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo