The Findings, Winning Advisers, Tylney Hall, 13 October 2015
Sponsor Introducing: Ian Hood, Fidelity World Wide Investment & FundsNetwork
Facilitated and written by: Rod Bryson, Cap Gemini
Some blue sky thinking around digital technology that will be available to us in the very near future!
Headline finding 1:
Lots of different new technology is likely to be implemented in the market over the next ten years, some of which will have a greater or lesser impact depending on the nature of the advice business.
Headline finding 2:
Digital and technology impacts on the market are generally split into two ways:
a) Marketing, communication, engagement and client acquisition;
b) Efficiency of processes to reduce overall costs.
Headline finding 3:
The key is to improve business operational efficiency. This will make managing the overall business more effective, a factor which can then be used to leverage greater focus on the front end. If you can manage the mid-back end, then securing more clients at the front end is potentially easier.
Headline finding 4:
Thinking about technology / digital in a business doesn’t usually cost money; it is the time needed to create content and make this available online, for example through YouTube videos on wealth.
Headline finding 5:
Having digital / technology enabled solutions are important for some firms for two reasons:
a) To reach out and access a younger group of customers
b) To reduce the costs of advice for that group who are willing to engage with new technology.
However, this needs to be achieved not as a cost to existing customers and should not distract from the core face to face value proposition.