Experts: Nick Hulme, Michael Lawrence, and Keith Richards Facilitator: Michael Lawrence
Headlines:
- Challenges of meeting regulatory requirements while offering personalised services highlighted, with emphasis on the impact of consumer duty regulations
- Importance of efficient data aggregation and system customisation for scalable, client-centric service delivery
- Client segmentation and service differentiation discussed, balancing comprehensive services with tiered models for varied asset levels
- Innovation needed to bridge the advice gap, with ideas on financial coaching, guidance services, and tech-driven solutions
- Strategies to balance compliance, operational efficiency, and positive client outcomes shared among participants
- Opportunities to collaborate with regulators on consumer duty regulations to enhance client outcomes while maintaining compliance
- Advocating for customised systems that streamline data management, automate processes, and support compliance
- Consideration of referral networks and adviser collaboration to ensure appropriate service levels across diverse client segments
- Promoting financial well-being across generations, focusing on engaging younger clients and underserved population segment
- Sharing best practices on customised systems and data-driven approaches for efficient, personalised financial advisory services
Discussion points:
Regulatory Challenges and Personalised Services
The discussion focused on the difficulties advisers face in meeting regulatory requirements while providing personalised services to clients. Participants acknowledged the need to comply with regulations but expressed frustration with broad, one-size-fits-all policies that may hinder delivering positive client outcomes. The concept of consumer duty regulations was discussed, with participants highlighting the potential for these regulations to empower advisers to redesign processes and tailor services to individual client needs, as long as they can demonstrate evidence of meeting the required outcomes.
Data Management and Efficient Systems
Several participants emphasised the importance of data aggregation and efficient systems in delivering scalable, client-centric services. They discussed the challenges of obtaining consistent data from various sources, such as back-office systems, platforms, and product providers. The need for customised systems that can consolidate data, automate processes, and provide comprehensive reporting was highlighted. One participant shared their experience in building a proprietary system that enabled efficient data management, compliance monitoring, and client communication.
Client Segmentation and Service Differentiation
The discussion explored strategies for client segmentation and differentiating services based on client needs and asset levels. Some participants advocated for a holistic approach, providing comprehensive services to all clients regardless of asset size, while others acknowledged the potential benefits of segmenting clients and offering tiered service levels. The concept of referral networks and collaboration among advisers was also discussed as a means of ensuring clients receive appropriate levels of service.
Bridging the Advice Gap and Innovation
Participants recognised the existence of an advice gap, where a significant portion of the population lacks access to financial advice or guidance. The discussion explored the potential for innovation and the development of alternative service models to address this gap. Examples included financial coaching, guidance services, and leveraging technology to provide scalable solutions. The importance of engaging younger generations and promoting financial well-being across all segments of the population was also highlighted.
Key takeaways:
- Collaborate with regulators to provide feedback on regulatory challenges and share insights on delivering positive client outcomes while maintaining compliance
- Explore opportunities for data aggregation and system integration to streamline processes, enhance reporting capabilities, and enable scalable, client-centric services
- Evaluate client segmentation strategies and consider implementing tiered service models or referral networks to ensure appropriate levels of service for clients with varying asset levels and needs
- Foster innovation and explore alternative service models, such as financial coaching, guidance services, and technology-enabled solutions, to bridge the advice gap and promote financial well-being across diverse segments of the population
- Share best practices and success stories related to building customised systems, automating processes, and leveraging data to deliver efficient and personalised services
