Finally, a front office integration with a robo advice proposition (yes, I hate the term too, but let’s not get bogged down with definitions) could allow a business to broaden their offering to people who are not ready for, or currently require, full advice.
If you are persuaded of the benefits that such systems will bring to your business and clients, then how can you increase your chances of selecting the right option?
Get it wrong and you could make a frustrating and expensive mistake. But get it right and the system will become the heart of your business, powering you on to greater efficiencies, improved profit margins and happier, more loyal, clients.
I would suggest adhering to three golden rules:
1. Only consider independent systems. In other words, avoid proprietary systems developed by, for example, national firms, networks or providers of compliance services.
2. Resource is key. Advisers need to be assured that their back office provider has the resources, knowledge and desire to continually develop the system in line with the twin goals of greater efficiency and improving the client experience.
3. Speak to other users. All of the demos in the world will not give you a true reflection of what it is like to use the system on a day-to-day basis, only existing users, be they advisers, paraplanners or administrators can do that.
If I can leave you with one message, it would be to embrace the benefits of the online world; your clients will thank you for it and you will run a far more efficient business if you do.
Phillip Bray is head of marketing at Sense Network
