For the above and other improvements to be made, the problem of ‘disconnection’ has to be resolved. This problem was examined in detail in two excellent Origo research reports (one in 2018 with Platforum, and the other in 2019 with the Lang Cat). The typical company was found to use seven different, standalone systems to complete the advice process; this creates an undue degree of both administration and risk.
Integration
Moreover, the integration of the whole advice process will obviously be of great benefit to the adviser population.
It will help raise productivity and income at a time when margins will be under increased scrutiny – and especially so if it also enables the integration of bolt-on tools for more specialised, added value services. Perhaps, most importantly, it will provide greater protection for both advised and adviser.
Resilience, plus a willingness to make the sort of improvements described above, will enable advisers to deliver even better service, to even more clients, and to benefit accordingly.
Keith Carby has held leadership roles in several financial adviser businesses including Allied Dunbar, J. Rothschild Assurance (now St James’s Place) and Openwork
