The drive for better technology is nothing new. What has changed is the way in which it can be done to accommodate a broader range of client than ever before. This is what we call the hybrid approach to adviser technology and Focus has developed the first fully integrated software solution to make it work for advisers. John Lydgate’s phrase, made famous by Abraham Lincoln, “You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time” can also be adapted to the challenge that faces adviser software. We believe the hybrid approach allows you to get as close to “please all of the people all of the time” as possible.
The real added value of the hybrid approach lies with using tech to empower both the adviser and their client. The adviser is able to triage clients quickly to decide what level of advice they need depending on their preferences, assets and profile. For those clients where it isn’t appropriate or profitable to offer a full holistic service, they can be managed down a less bespoke service route without losing them to competitors or robo-advisers. A hybrid approach allows advisers to keep a whole range of client types on the books profitably, and they can make it as automated or as personal as necessary.
Not every client will want a regular face-to-face meeting and may want access to their products and plans on a regular basis. Hybrid technology can offer full-service clients 24/7 access to and the flexibility to review their financial products securely through a client portal. Meetings can be conducted using co-browsing technology and reviews can take place online. A hybrid service allows advisers to provide their clients with options, in other words, engaging the client in the way that they want.
Engage, advise, retain
It’s already possible to use technology to free up valuable time to spend on growing the business, expanding the client base and delivering a better service through targeted and more tailored advice. A hybrid system should offer the back-office efficiency to do that alongside the advice tool to advise clients in a more complete manner.
For example, Skipton Building Society recently adopted this model using Focus’ digital onboarding technology and now:advise. Matthew Leach, Director of Financial Advice at Skipton Building Society, explains that it is a “total next-generation advice technology solution. This is about much more than simply replacing our back-office system. Focus is able to provide a hybrid advice process that allows us to offer a fully integrated and, where necessary, automated proposition that provides advice in the most appropriate way, at the most appropriate price in the way the client wants to interact. This technology solution makes Skipton one of the technology leaders in the field of digitally enabled hybrid advice.”
Preparing for the next generation
The new generation of investors may have a different, more interconnected and techier mindset, where online information or apps are the natural starting point. The hybrid model is important as the next generation of investors will expect the next generation of advice offerings.
Planning and preparation for the client of tomorrow is key, but what exactly advisers are meant to be looking out for when selecting a platform varies from one to another and depends on their particular needs and requirements. Focus Solutions’ now:advise is the market-leading choice if you want to use a new model of adviser technology to scale your business, reach a greater range of clients profitably and help you prepare for the client of tomorrow. Find out more at https://www.focus-solutions.co.uk/products/nowadvise/