How digital capability is enhancing,
not replacing the financial adviser
The financial advice industry is ready for significant digital transformation. In this Whitepaper, we’re exploring how and why UK institutions’ adoption of digital advice will enrich rather than replace the traditional advice process. And why your customers are ready.
Produced in association with AltusConsulting, a specialist provider of consultancy services, this Whitepaper has been published in response to the COVID-19 pandemic. We’re seeking to provide informed insights for advice firms on engaging new and existing clients, drawing on the lessons learned from the broader economy over 2020-2021.
While previous analysis in this space has sought to further the case of either robo or face-to-face advice, Reimagining Financial Advice proposes a third way forward: hybrid advice, where technology is enhancing, not replacing, the work of a financial adviser.
ROBO ADVICE – WHAT HAPPENED TO THE HYPE?
Five years ago, the UK financial media was hyping the robo-invasion. IFA’s were told to brace themselves for the digital swindling of their clients and many heralded robo-advice as the long-awaited solution to the advice gap. What happened?
COVID-19 – THE GREAT DIGITAL ACCELERATOR
Financial advisers pride themselves on their face-to-face service. But COVID-19 made it much more challenging to deliver. The rise in digital adoption, driven by COVID-19, could be the catalyst for fundamental change and drastic improvements in how savings and investments are managed in the UK across all portfolio sizes.
REIMANGINING THE ADVICE PROCESS
The adoption of digital advice solutions will enrich and transform the advice process. It will touch all elements, including client engagement and education, fact finding, advice delivery, ongoing communications and servicing. How are you preparing your business for our industry’s inevitable and significant digital transformation?
MAKING IT HAPPEN
We outline the key factors you should contemplate when moving from strategic decision making to delivering a new digital solution for your business and customers. We look at designing your advice proposition, defining the operating model, technical architecture, selecting a software partner, agreeing on commercial terms, and implementation and testing.