It is one week to go until MMI Leeds on Thursday 11 May and ahead of his appearance at the conference Ola Abdul, CEO of Fundment, talks about where platforms have failed advisers.
What have been the main service areas where platforms have failed advisers?
Many areas, a few of the key ones below:
- System reliability and intuitiveness: A platform must be reliable, stable, and secure. It should be able to handle a high volume of traffic without crashing or slowing down. Additionally, the platform should be easy to navigate and use, with an intuitive interface that enables advisers to find what they need quickly.
- Innovation: A platform that provides effective solutions to problems is crucial for advisers. They should be listening to advisers with any issues and implementing solutions quickly. A platform that offers quick and efficient problem-solving will help build trust and confidence among advisers, ultimately leading to a better user experience.
- Ease of doing business: A platform should make it easy for advisers to do business with them. This means offering straightforward and transparent pricing models, clear terms and conditions, and an efficient onboarding process. The platform should also provide advisers with the necessary tools and resources to help them succeed, including a strong customer support team who can answer questions quickly.
What are the most promising areas of innovation?
One of the areas where innovation holds significant potential is system integration. As technology continues to advance rapidly, platforms must be able to integrate seamlessly with other systems and services to provide users with a more efficient and streamlined experience.
Process automation is also a promising area for innovation. By automating repetitive tasks and workflows, advisers can save time and improve their productivity, allowing them to focus on higher-value activities such as client relationship building.
What rules of thumb are good for advisers to follow to future proof their business?
Some of these are:
- Providing an exceptional digital experience for financial advisers and their clients has become imperative. Nowadays, clients have grown accustomed to seamless, personalised, and user-friendly customer experiences in other industries such as banking and online shopping. Clients will anticipate a similar level of experience when interacting with their financial adviser.
- Innovation will change this industry in more profound ways, and it is unlikely to come from traditional operators. Advisers should invest time in researching and engaging with innovative companies in the industry by establishing regular dialogues to understand the developments happening in the industry. Due diligence should not be confined to a simple desk-based exercise.
- Advisers must assess their provider’s ability to address problems and incorporate feedback from advisers into their offering, to ensure that evolving adviser requirements will be met promptly.
