Does Switching Adviser Software Fill You With Dread?

Frustration, confusion, limitation – just some of the problems adviser firms encounter when their software isn’t intuitive enough, or hasn’t delivered on the promises made by the supplier.

No matter how bad the situation is, for some, the thought of changing to a new provider sounds worse. Much worse. It triggers an avalanche of questions:

·        Will it take months?

·        How much disruption will it cause?

·        What will happen to our client data?

·        Could we lose key information?

·        Will we need to rekey everything?

These concerns are understandable. Given the amount of information now stored electronically, if data was lost it could spell disaster.

However, after helping firms of all sizes migrate thousands of client records to AdviceObjects, we can let you into a little secret…the migration itself is rarely the difficult part.

The biggest challenge our clients face is getting used to the operational gains they make, once they have a platform that actually works with their advisers, instead of in spite of them.

‍Migration in under four weeks

We’ve recently helped a financial advice firm move more than 3,000 client records to AdviceObjects from their existing system. It took just four weeks.

We provided support through the entire process, enabling the firm to:

·        Migrate client records

·        Transfer historical information

·        Train users

·        Validate data

·        Become fully operational within our platform

This didn’t require an army of administrators to re-input any data. There wasn’t months of disruption or endless spreadsheets and no one had to start from scratch. The reality is, most adviser firms have far more transferable data than they realise.

In our experience, client details, fact finds, plans, valuations, documents, reporting templates and workflows can usually be imported into AdviceObjects and structured how you want them far more efficiently than most users expect.

‍The cost of inaction

The financial industry has somehow normalised a technology model that makes little sense. A CRM from one provider, risk profiling and cashflow planning from another. Document storage from another vendor and AI tools bolted on separately. When you step back and look at it objectively, it’s a remarkable situation.

Advisers are being asked to purchase multiple systems to perform what should be a single, continuous process. Ironically, this disconnect means many firms are spending more time and money avoiding a software change than they would making the transition.

Continuing to use disjointed systems is like paying a hidden tax on productivity. The inefficiencies cost you in:

·        Duplicate data entry

·        Manual administration

·        Multiple software subscriptions

·        Additional integration fees

·        Data inconsistencies

·        Compliance risks

·        Additional training across numerous systems

·        Time spent switching between applications

‍Capture data once, reuse it everywhere

Most firms underestimate the cost of rekeying data. Not because the process is difficult, but because of the time it takes.

Client details are entered into one system, then copied somewhere else, then added to suitability reports, then checked by compliance. You get the drift.

It might only be five minutes here or there, but when you have hundreds of clients, these minutes add up.

Our philosophy is simple – when client information exists within the platform, it should feed other areas automatically. This means when you’ve inputted information once, it will be there for onboarding journeys, client portals, reviews, suitability reporting, communications and management information. This isn’t AI at work, it’s simply good software design. ‍

Forget migration, let’s talk about the bigger opportunities

Most software vendors make money by selling you add-ons. More modules, licenses, implementation projects, etc. We have taken a different approach.

When firms sign up to AdviceObjects, the migration itself is just a small part of the project. We believe you deserve a platform that works as a complete ecosystem, where everything comes together from day one. For that reason, the most valuable conversations we have with clients focus on:

·        How advisers want to onboard clients

·        How reviews should be managed

·        How workflows should operate

·        How suitability reports should be generated

·        How client communications should be delivered

·        How management information should be produced

·        How AI can assist advisers safely and efficiently

In other words, we want you to stop worrying about managing the change of software and start working out how it can benefit you. This is where the real gains are achieved. Less administration, less complexity, less cost and more time doing what you actually enjoy – providing advice. ‍

Don’t let fear hold you back

Technology should help your firm move forward, not trap you in the present.

If your current system requires multiple integrations, data entries and additional software just to perform everyday tasks, the biggest risk to your business might be staying exactly where you are.

As we’ve already said, migrating your data to AdviceObjects is much easier than you may think. The biggest question is how much time, money and opportunity your firm is losing by waiting.

Building a more efficient advice business is exciting – don’t let changing software hold you back.

If you’re interested in how we can streamline your systems and processes, don’t hesitate to contact us for an initial discussion about your existing setup and data migration requirements. Alternatively, email: contact@adviceobjects.com