Adopt Systems Advisers Will Love, Not Loathe

There is now a plethora of products aimed at digitising the advice process. New platforms, AI tools, client portals,workflow systems, automation software, data analytics – but which ones are actually worth the investment?

You could probably make a very compelling case for every single one of them. And it’s happening – spending on technology is at an all-time high across the financial sector.

However, in some firms, these fancy new systems are actually creating more operational complexity, not less. This is not a technology problem any more, but an adoption problem.

Complexity creates friction

Most advice firms are accumulating technology over time. You buy a CRM from one provider, a back-office system from another. Throw in separate risk profiling tools, cashflow modelling software, communication and client portals and you’re left with a mishmash of disconnected systems. Now AI has arrived and added another layer of complexity.

Assessed in isolation, many of these systems are great. Together, they often cause friction, particularly for advisers who don’t embrace change. When you’re asking people to learn multiple new ways of working, duplicate information across platforms and switch between disconnected platforms, what begins as an efficiency drive quickly turns into an operational burden few will countenance.

When firms are growing through acquisition or consolidation, multiple legacy systems can make the situation even harder to manage as processes collide. The result is fragmentation, rather than transformation.

The hidden costs of poor adoption

It’s a massive misconception that investment in technology automatically means adoption. Buy-in won’t happen if your systems and processes don’t complement each other.

If advisers are only partly using the tools available to them, that inconsistency creates problems everywhere. Different client experiences, onboarding journeys, record keeping standards, communication habits and reporting quality. A compliance officer’s nightmare!

If digital workflows are too complex or insufficiently intuitive, teams quietly revert back to manual processes – “the way it’s always been done” – and instead of improving efficiency, you end up with operational confusion. Not to mention a hefty bill for technology that’s not being fully utilised.

Let’s not kid ourselves that clients don’t notice. If one is receiving instant updates, whilst another waits days for responses, your service is at best inconsistent and this damages trust.  

It’s easy to assume advisers are resistant to change. In reality, they’re actually resisting complexity. Who wouldn’t want access to systems that actually reduce the administration burden and leave more time for seeing clients? What they don’t want is more work.

It’s not usually the technology itself that’s to blame. When it’s badly integrated or overly complicated it simply doesn’t fit into how advisers actually operate.

If a platform adds friction, adoption will always be poor. When firms notice this happening, they often blame training, but the issue is frequently more nuanced:

·        Too many disconnected systems

·        Duplicated tasks

·        Unclear workflows

·        Excessive clicks and admin

·        Poor user experience

·        Technology solving the wrong problems

·        No direct benefit for advisers

The best technology does not force advisers to change how they work, it supports what they are already doing and makes life easier.

 AI is not the answer

The application of AI might be one of the hottest topics in financial advice at the moment, but its not a magic bullet. Layered on top of fragmented workflows, it doesn’t create efficiency, it magnifies existing problems and accelerates the chaos.

AI works best when it supports a joined-up process, so to benefit most in the coming years, you need clean workflows, strong adoption and connected operational foundations.

For example, within AdviceObjects, we’re using AI to transform meeting notes into tasks and workflows, support suitability reporting and reduce administration across the advice journey. Its real value comes from being embedded into the platform, not bolted on as a separate tool advisers must learn.

Good technology should feel invisible

Technology should not make advice feel more complicated. It should make delivering great outcomes easier.

Many advisers are starting to realise this and are reassessing their technology strategy. Instead of adding more tools, they are looking to simplify their systems and create a more connected experience. That’s exactly what AdviceObjects is designed to do.

We see firms regularly who are tired of juggling disconnected systems. That’s why our focus is on creating one cost-effective, user-friendly environment where everything can be done, from onboarding to reporting and document management. A place where AI and advisers can work together comfortably.

When systems are properly connected, they should enable:

·        Advisers to spend less time on administration

·        Significantly faster onboarding

·        Improved communication

·        Easier to manage compliance

·        A more consistent experience for clients

·        Better operational visibility

Most importantly, they should give advisers the time to focus on what they do best – advising.

Clients are already wanting their financial advice to feel modern, responsive and connected. They expect digital onboarding, secure messaging, faster responses, mobile access and real-time investment information.

Delivering this experience consistently is rooted in your operations. The firms that succeed in the next decade will not be those with the largest technology budgets. It will be those that create the most connected and usable experience for both advisers and clients alike.

For more information about how AdviceObjects can simplify your systems and processes, don’t hesitate to contact us for an initial discussion or demonstration. Alternatively, email: contact@adviceobjects.com