With a growing number of younger, university-educated financial advisers entering the market, the technology landscape is changing rapidly
Young planners are searching for ways to digitise their client experience, be it through new planning platforms, smarter CRMs or nimble research, it means the new breed are looking at innovative technology “stacks” to run their businesses and rely less on the traditional model of one solution covers all.
The drivers are cost and quality; where technology can either replace or augment traditional methods of giving advice, running compliance or the day to day business.
Compliance and monitoring are looming as the big marginal cost increases in coming years as ASIC increases their surveillance, and the Conduct Monitoring framework comes on line in January 2020, this means financial advisers have a strong motivation to get on the front foot.
Technology advancements in expert rule systems, natural language and machine learning means the monitoring of advice can happen in real time, prior to advice being implemented, and relatively inexpensively.
This allows businesses to do three things;
- Have a reasonable level of scrutiny over every piece of advice issued to a client, and
- Collate data that identifies trends, hotspots and issues quickly.
- Manage compliance costs effectively.
To find out how technology can support your monitoring and quality assurance, contact us.