These are some of the responsibilities that financial planners in the modern advice landscape have taken on to effectively work with clients.
Combining this with an ever-moving regulatory landscape, along with advancements in technology, advisers are being thrust into a new era of financial planning, unlike one that we’ve ever seen before.
As a result of entering this new era, licensee and advisers are looking to leverage technology, to redefine their business models, and reassert their focus on client relationships; including the softer skills necessary to manage them in order to best demonstrate their advice value.
The legacy advice process of analogue technology, time-consuming administration, and manual paper-based plans, places great limitations on both adviser’s time and the practice’s ability to deliver timely, scalable, cost-effective, and efficient advice. This strain also impacts the adviser’s ability to conform to today’s client’s expectations and the role the financial adviser plays in their life.
Technology innovation is the key to optimising the current antiquated financial advice process, enabling businesses to remain relevant and competitive. Advances in tech are now transforming advice into a digital process and customer experience that clients can better understand, participate in, and engage with. It also encourages them to take more responsibility for any outcomes in accordance with the role they play in the management of their finances, and towards achieving their life goals.