IntroductionEmbrace A New Era
MACHINE LEARNING, AUTOMATION, AND CLIENT EXPERIENCE, EXPLORE THE TECHNOLOGY TRENDS SHAPING THE FUTURE OF YOUR FINANCIAL ADVICE BUSINESS.
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The Hybrid Adviser Model
Tech innovation can genuinely reshape the financial advice industry. Technology in advice delivery does not mean impersonal service. Instead, it offers the opportunity for a more personalised and tailored service.
It’s time to shift from the old world of the “Do it for Me” advice model to a new world of the Hybrid “Do it with Me” model.
The long-standing debate between digital adviser vs human adviser in providing financial advice is moving aside thanks to the emergence of a third option: The Hybrid Adviser Model. A model that offers digitally automated advice as an adviser-led, client-centric, human and digital experience.
The key areas that technology can currently improve the process and outcome for Financial Advisers, their Businesses and their Clients are:
Old World
Do it for me
Paper-based communication & advice
In-Person advice delivery
Manual process & compliance
Limited Data
Time intensive
Long lag times
Lacking a collaborative approach
Lacking digital centralised data and advice searchability
Hybrid
Do it with me
Co-created Adviser / Client advice journey
Online virtual or in Person advice delivery
Live, interactive digital tools
Automated advice & compliance process
AI machine learning learns to optimise strategies based on client data & specific goals.
Adviser role goal facilitation, coaching, support, education & keeping accountability
Old World
Do it myself
Client drives own financial plan via a digital data collection & automated advice process via select in / select out
Autonomous self-directed financial advice process providing limited basic advice eg: super optimisation or insurance
Co-responsibility of license holder & client
Online digital delivery
Limited human or adviser interaction
A Hybrid Adviser Model supports the evolution of advisers and businesses so they can provide more personalised and cost-effective advice to better meet the needs of their clients.
Using tech to provide digital advice:
01
Enables the delivery of clear, compliant, client-centric advice at scale.
02
Facilitates the Adviser to be involved in the advice journey as needed.
03
Allows machine learning to complete more time-consuming and process-driven aspects of the client relationship.
04
Provides real-time access to data that can facilitate engaging and timely responses to a client’s changing situation.
05
Supports client’s Best Interests through advice co-creation. With enhanced client “buy-in” to the advice process and co-accountability for decisions made and strategies implemented.
In a Hybrid Adviser Model, the relationship between tech and Advisers is complementary. Each element supports the other to create a more robust, synergistic advice process for advisers and clients.
The present opportunity for advisers is to embrace the Hybrid Adviser Model and move from; reactive to proactive, manual to automated, costly & time consuming to scalable & efficient advice.
Advice Intelligence
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