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Noel Butwell is UK Distribution Director at Standard Life
Some of our wrap platform users have been telling Noel their views on what makes a successful adviser firm prepared for the future:
Well, the advice gap is now officially acknowledged, but, is FAMR correct that technology is the answer? Of course it is. The advance of technology is inevitable and automation brings efficiencies. Denying this is akin to trying to push water uphill – ultimately futile.
The term ‘robo-advice’ is highly misleading as it implies human advisers will be replaced by technology. It’s about value. Technology is not a threat to the things advisers are good at. However, we must all accept that technology will play a greater role in areas where, quite frankly, we humans do not excel. We should all be glad of this and accept humans and technology can be synonymous.
David Tiller is Head of Adviser & Wealth Propositions at Standard Life
"Standard Life has always struck me as innovative. The UK was quite late to the party when it came to 'wraps' - the platforms that financial advisers use to manage multiple funds all in one place, a bit like internet banking for investments. Up until about ten years ago, they were more commonplace in other countries - particularly Australia, where they have a less complicated tax system.
For the UK, platforms really needed the advent of broadband to become widely used. And sure enough, as soon as they were workable, Standard Life was there with an offering as part of their focus on providing the best possible tools for the adviser industry. We decided to jump on board, and we're glad we turned out to be 'early adopters'.
Ross Butters is Managing Director of Omnium Wealth Management
Stewart Mackay, Managing Director of Mackay Hall Financial Services explains how things have changed over the past ten years in the advice business since Wrap was first launched in 2006.
With greater choice and complexity for clients it's time to make sure you're in a strong position to meet the increased demand for advice.
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