By Ahmed Bawa, CEO, Rosemount Financial Solutions (IFA)
The advice industry has changed significantly in recent years. The mission remains the same – helping our clients protect their future, and make better decisions – but the way in which we provide that advice has changed.
When I started in this industry, everything was done face-to-face, but things have moved on. Improvements in technology have meant that those relationships with clients are increasingly built online, while this has also become the default option for sourcing products for clients.
When used properly, clients are benefiting from a faster, slicker experience with their advisers.
It’s no good patting ourselves on the back for a job well done, however. Technology is continuing to develop, opening up all sorts of options for advisers in the future. How do we make the most of that technology, to benefit our clients in the years ahead?
The AI opportunity
Perhaps the most obvious development worth considering is artificial intelligence (AI). We have all seen how its use has grown in all sorts of areas of our lives in an incredibly short period of time. And while there are debates to be had about regulation and ensuring there are limits in place, there can be no doubt that it could deliver tremendous upside to financial advisers.
After all, there are an awful lot of manual aspects to the advice process which we could potentially hand over to AI, and allow advisers to focus their efforts where they are best suited – the advice itself.
I want our advisers at Rosemount Financial Solutions (IFA) to feel the benefit from this emerging technology, so we have brought on Hrutuja Patnekar as Full Stack Developer, tasked with integrating and leveraging AI into our adviser tools. We are also looking at the development of a chatbot for advisers utilising the technology, making great use of Hrutuja’s expertise, having recently graduated with an MSc in AI.
Tapping into social media
An element of technology that has become ever present for most of us is social media, a form of communication that has become a part of daily life for advisers and clients alike.
Social media presents a tremendous opportunity for advisers, both for communicating with existing clients but also reaching new ones.
Building a profile on the likes of X, Facebook or Tiktok isn’t easy though, and may prove daunting for some advisers. It’s another area where networks can make a difference for their members though. At Rosemount for example we have brought in Calum Anderson as Social Media and Marketing Assistant, a trained communications expert, to help advisers maximise the response from their social media efforts.
Rounding out a trio of tech-focused appointments is Ash Yavari, who has worked in UX and UI design for a long time, and will be tasked with optimising all of our tools and portals.
Delivering what advisers need
The role of the appointed representative (AR) has come under great focus this year, in part due to some ill-informed comments from MPs who don’t really understand financial services.
The truth is that being an AR can be fantastic for advisers, allowing them to build the sort of business they want to be, to focus on the areas they find most interesting or which are most in demand among their clientele.
But let’s be frank, ARs can only reach their potential if they work with the right network. There needs to be proper support in place, not just around technology which can transform the way the AR works, but also in terms of training, allowing the adviser to build the skills and knowledge needed to deliver for their clients.
Networks need to demonstrate that they aren’t taking their ARs for granted, viewing them as individuals rather than simply a revenue-generating number. And if advisers don’t feel they are getting that sort of support and attention, then they should look for a new network.
