Financial Advisory

22 June 2017

Financial Advisory





Expert: Dave Tonge, Moneyhub

Facilitator: Paul Miles, Silverback Consultancy

  • While technology was the subject for this session, it was the key subject for discussion throughout the conference and considering what and how it should be adopted.
  • There are a couple of things that Financial Advisers should be aware of and how they might affect them – few delegates had heard of them; Payment Services Directive (PSD2) and General Date Protection Regulation (GDPR).
  • The PSD2’s aim is to better protect consumers when they pay online, promote the development and use of innovative online and mobile payments. This was adopted on 8 October 2015 and passed on the 16 November 2015, with two years to incorporate the directive into laws and regulations.
  • The primary objectives of the GDPR are to give people back control of their personal data and to simplify the regulatory environment for international business by unifying the regulation. This was adopted on the 27 April 2016 and applies from 25 May 2018.
  • End users already want to view their data online and legislation will enable them to do so.
  • It was noted that banking apps have massively increased traffic and communications with their customers. Although the ‘Challenger Banks’ do not currently share data with third parties.
  • The introduction of APIs has moved data transfer to another space and should help with legacy business, although it was noted that still many providers cannot cope - an example is Cofunds not being able to link to the Intelliflo Intelligent Office. Many advisers said technology cannot supply what they want yet – some providers say they do BUT they don’t.
  • With the advances in technology, the future cannot be about product, it will just be about relationship. Different technologies will suit different types of clients.
  • The group recognised that technology can get rid of the ‘stuff’ that you don’t want to do.

What new technology is making a difference to adviser firms?

Many delegates shared their personal experience and view and here are some of them:

  • About to use the Intelligent Office Robo service but this brought a response that providers should stick to what they are good at, IO is a Back Office provider. Some Robo-Advisers are looking at the adviser market and perhaps a link with them might be a better option.
  • Using Parmenion, which works well but wonders about their future as they are now part of Aberdeen/Standard Life? Another participant went on to say he has started to use WebEx for meetings, which have been positively received by clients, and he still charges the same fee as a face to face meeting. Also, they often buy clients an iPad to assist with communication, which was noted by the group as a great idea.
  • Wondering if Facebook or Google could enter the market – although that could be high risk as Google for example still receive 95% of their revenue from advertising.
  • Offering a Client Portal has made a huge difference to their firm, although the provider does not yet allow a two-way exchange of data. They have seen an increase in confidence from the client in data exchange. Also, the introduction of Electronic Signatures has had a significant effect on efficiency.
  • Wondered if the Providers should supple Client Portals for free.
  • One firm who uses Nucleus runs training days for clients on how to use the Platform.


Is technology seen as a hygiene factor or differentiator – probably both but generally a differentiator.


There was certainly a lot of interest in Client Portals and delegates requested that Moneyhub gave a brief intro to what they offer, which was well received.