Five tech trends advisers need to watch
By Kirsten Hastings, 9 Jan 17
Adviser platforms, wealth managers, and financial advisers need to keep five key technology trends in mind as they navigate the ever-shifting financial services landscape, according to Alex Kerry, head of Winterflood Business Services.
Poor access to financial data impedes a consumer’s ability to make informed decisions. It also makes the process of providing advice more laborious, as advisers need to spend large amounts of time compiling data from pension providers and other institutions.
HM Treasury has announced the Pensions Dashboard prototype will be ready by spring 2017, with an official projected launch in 2019. However, we believe the industry will begin to bring its own data capture solutions to the table.
Another exciting development is the integration of spending habits data into individual saving plans. This is vital in achieving dynamic saving flight plans to long-term saving. As savers go through life, changes in spending habits, behaviours and milestones – such as having dependents – must be incorporated into savings plans.
This information can also be used to create saving nudges to increase the level of defined contribution or Isa saving, and adjust overspending, so savers can achieve their financial goals.
Tags: Investment Strategy
