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Finding the Right Tech Partner

The success of any tech in a business and advice process lies in the implementation and change of human behaviour. Tech needs to be intuitive, but it also goes hand-in-hand with clear communication, training and guidance involving employees and clients, encouraging human adoption.

Implementing the right technology into a business requires assessing the company and the adviser’s time and willingness to invest and adapt to new ways of doing business.

The common barriers to implementing tech are:


Quality and safety of data

Sourcing accurate client data can be complex; in addition, cyber security, privacy measures, client identification issues require high levels of data security and governance measures.


Integration of systems

Utilising multiple processes and platforms can be difficult and inefficient to update and automate. Many companies have created an ecosystem of platforms, tools, spreadsheets, software and systems that integrate into an inefficient and time-consuming end-to-end advice process. 


Employee buy-in of systems

Culture will often drive whether tech is effectively implemented in a business. 


Client buy-in of systems

Communication is key to supporting clients to a new way of doing business. Moving them to a digital approach is less problematic as many clients use technology in much of their day-to-day interactions. 

Implementing Tech into your advice business requires the right combination of design and function to support business efficiency, client data and streamlining your client experience.

Old tech has shown that by focusing on just one of these elements, such as back-office efficiency, can reduce the impact on the client experience.
The tech partner selected needs to understand the world of financial advice. The complexities of modelling, algorithms and financial data subject matter, and the need to have a robust set of advice and compliance rules. An overlay of ethics and governance must also be present.

The key components that should be considered with a tech provider include:


Financial advice subject matter expertise


Client experience


Modern SaaS platform architecture


Data Security & Privacy


Industry Compliance & Governance


Implementation & Ongoing Support


Professional Services – API & data integrations

Before engaging with a tech partner, it is essential that both parties have a clear understanding of the vision, objectives and desired end-to-end client experience.

Understanding the business needs, employee needs, client needs, time frame and resources required, are all factors that support the selection criteria of an appropriate tech partner to complement your advice process.

The Fintech space offers a variety of solutions, some solve one part of the advice process, whilst others provide a full end-to-end platform solution, so any search for a potential tech partner must begin with a clear understanding of what their tech delivers today, including their future tech roadmap.

If you have limited resources, you could start with incremental steps to implement depending on what you think are the most significant needs or problems that you’re trying to solve within your business and prioritise them into short term and long term.

We’ve compiled a list of 20 questions to research and consider when selecting a tech partner or solution to support your advice process:

Does the tech solve key problem statements within your business?

Does the tech complement or complicate your financial planning process?

Which parts of the advice process will the tech need to automate?

Which parts of the advice process will the tech simplify?

Which challenges within the advice process will be solved?

Will the tech enhance your client experience?

What is the adviser and administrative experience of the tech?

What are the critical efficiency and process gains this tech offers?

What are the key benefits of this tech to the adviser support staff?

What are the key benefits of this tech to the client?

What is the investment required for this tech?

What is the time and cost-benefit that this tech will provide?

Will this tech integrate with other software, systems or data providers?

Can this tech be white-labelled?

What resources are required to implement and manage this tech?

Who will need to be involved in making this a success?

What features can be launched immediately, and what can you build on later?

What solutions are offered for tracking and managing client goals and objectives?

How does the tech manage compliance and data collection?

What kind of support does the tech provider offer in integration, customisation, and ongoing tech maintenance?

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