Technology will be able to stop all the clocks for financial advisers who are continuously looking to find more time to spend with clients, according to the chief executive of global solution provider Wealth Dynamix.
Gary Lineres told International Adviser that time is the biggest issue for advisers who are being “increasingly burdened with administrative and compliance work in their day job which are eroding their ability to perform their primary task – to nurture and manage clients”.
He added that this has “significant effects on client satisfaction and client retention”.
But Lineres added: “This is where technology plays a hugely important role, not just for the financial wellness of the business but for the positive engagement of both sides in the client-adviser relationship.”
Investment
IA recently wrote about how technology can improve the client experience with innovation in the artificial intelligence and virtual reality sectors.
But these advancements in technology are not readily available just yet as wealth firms failed to capitalise on the technology craze quick enough.
Lineres added: “Given that the notion of wealth management is built on the client and the professional adviser, we’re surprised at how under-invested that relationship has been from a technology point of view.
“This is changing, as evidenced by our success over the last seven years, but the big transformation in how wealth managers look at this, is about to come.”
What’s next?
There is a variety of different technological advancements featuring its way into the wealth management sector, including blockchain.
But Lineres thinks client experience tech may not require that much of sophistication.
“Our insights and experience in the market is showing us that Client Lifecycle Management being the next technology investment,” Lineres added.
“We’ve had the core-banking system wave, the AML/KYC reactive deployment of technology, then the digital front-end revolution with web portals and apps. But the adviser and his/her client has been left behind.
“As the industry becomes more competitive operational efficiency becomes even more important.
“The need for a joined-up approach between how businesses engage, onboard and then manage their clients makes business sense and, unusually for the digital transformation revolution of late, it empowers advisers, strengthens client relationships and delivers clear return of investment to institutions.”
