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How technology is one extra resource in your firm

Guest authors

Next generation technology is supporting advisers’ business models and helping firms scale up without the need to recruit more staff.

These are challenging times for everybody. At the moment, no-one can say for sure what the long-term impact of the coronavirus pandemic will have on the UK economy, SMEs and the self-employed in particular.

And with the turmoil in the markets, many adviser firms will be taking an increased number of calls from clients who are looking for reassurance.

In such unprecedented times, it’s fair to say that advisers will probably not have faced such an unsettling phase in their business before.

Until the coronavirus crisis hit, one of the biggest challenges for adviser firms was finding the capacity to deal with increasingly heavy workloads to meet ongoing regulatory requirements, while providing clients with more tailored outcomes.

Many firms may have looked to scale up their business by recruiting more support staff, perhaps another adviser or paraplanner. However, as advisers are well aware, attracting fresh talent to the industry is not easy and the recruitment process can involve significant costs and time.

How next generation technology can support your business

However, next generation technology available on platform is making it possible for adviser firms to scale up and achieve more individual outcomes for clients. All without the need to recruit more staff.

The technology, called Individually Managed Accounts (IMA), takes discretionary portfolios managed on platform and introduces the ability to instruct client level personalisation.

Using the technology, advisers, working with DFMs, can automatically adjust clients’ financial plans within pre-set parameters for more individual client outcomes. They can execute client specific instructions, agree CGT strategies and tax allowance usage without the need for expensive manual intervention.

The automation means the process is faster, more efficient, and much less administration heavy. Multiple clients can be serviced this way, which means this technology can support adviser firms with meeting the capacity challenge and with scaling up their business.

Accommodating broad client needs under one consistent process

With IMA, advisers can offer clients model portfolio solutions with more flexibility and with a level of individualisation that can provide even deeper value for clients.

This next generation technology is supporting advisers’ business models and helping them to scale up their businesses without the need to recruit extra staff.

In these difficult times, as clients look for reassurance, it’s this technology that will continue to support the way advice can be delivered now and in the future, so reducing costs for adviser firms and delivering greater value for clients.

Speak to your usual Standard Life contact for more details on IMA and how our platform can help you deliver individual solutions for your clients, or go to our Individually Managed Accounts web page.

The value of investments can go down as well as up, and could be worth less than originally invested.

The views expressed in this blog should not be regarded as financial advice.