What would you do with an extra hour? By adopting technology, advisory firms are realising time savings in their business by generating greater effici

Financial Advisory

27 November 2018

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  1. Adoption of IT is not just for generating greater efficiencies but also for managing risk/de risking the business.
  2. Integration of systems is key i.e. keying in data only once.
  3. Signs of innovation from a small number of firms but it doesn’t feel as if we have moved on in the last 10 years.
  4. Without a proper training programme in place around new IT systems the outcome is generally poor and the system does not deliver what it was designed to do.

Key Challenges:

  • Keeping pace with fast moving IT landscape.
  • Getting systems to integrate with each other.
  • Getting advisers on board for new IT processes otherwise they can often be a blocker to progress.
  • How to interact with the children/grandchildren of existing clients as they do not favour the traditional ways. 
  • Open banking is increasing the pace of change and enabling greater services to be delivered easier but are we ready.

Conclusions and solutions:

  • Not a massive amount of innovation present in the way businesses currently interact with clients but there was a view that we are on the cusp of change and things will now move quicker than they have.
  • To date the conversation around IT has been focussed on the back office and not the client and there is a real danger that ‘traditional’ firms are not ready for change.
  • Integration of IT systems is critical but often a key piece of the jigsaw is over looked and that is the relevant level of training also has to be given. 

Expert:  Paul Morely, Intelliflo