Expert: Rob Tedder, Account Manager UK, Conquest Planner
Headlines:
- A structured approach to identify inefficiencies, evaluate technology solutions, quantify return on investment, and overcome resistance to change from advisers is needed
- While technology adoption is crucial, businesses often struggle with where to start and how to clean up data as the foundation
- The challenge of managing data effectively and integrating different systems used across the business is widespread, with issues ranging from data spread across multiple systems, lack of integration between CRMs and financial planning tools, and advisers not consistently updating data in all systems
Context:
The discussion began with how businesses are demonstrating good client outcomes and value as per the consumer duty regulation. Cash flow modeling was cited as a powerful tool for showing clients the sustainability of their plans and achievement of life goals. Other methods mentioned included client feedback surveys, referrals and reviews, and providing access to client portals. However, there was uncertainty about the best ways to quantify outcomes like peace of mind and financial well-being.
Delegates shared their experiences with adopting new technologies like AI-powered note-taking apps, client portals, and integrated advice platforms. A common challenge was resistance from advisers who preferred traditional methods or were concerned about the learning curve. The group discussed strategies like quantifying time and cost savings, piloting solutions, and involving staff in the evaluation process to overcome resistance and drive adoption.
There was a discussion around how the role of paraplanners might evolve with increasing adoption of AI, automation, and integrated advice platforms. Some felt paraplanners could become data specialists, technical experts supporting advisors, or technology leaders driving innovation. However, businesses often lack a clear roadmap for adopting new technologies and cleaning up data as a foundation. The group agreed on the importance of structured evaluation, quantifying returns, and overcoming inertia to stay ahead.
Key takeaways:
- Explore technology solutions like integration hubs and data warehouses to address system integration challenges
- Develop a structured approach to identify inefficiencies, evaluate technology options, and quantify potential returns on investment
- Pilot solutions like AI-powered note-taking apps, client portals, and integrated advice platforms to drive adoption
- Involve paraplanners and staff in the evaluation process to overcome resistance and get buy-in
- Develop strategies to quantify and communicate client outcomes like peace of mind and financial well-being
- Encourage client reviews and referrals to demonstrate value
- Develop a roadmap for cleaning up data as a foundation for adopting new technologies
- Upskill paraplanners as data specialists, technical experts, or technology leaders to drive innovation
