Five ways in which smart tech will help financial advisers

The pace at which technology is changing the way we live our lives is continually accelerating. For financial advisers, embracing this tech is essential to offer the kind of services demanded by people who conduct their lives on the go. Here are some of the ways in which technology is revolutionising financial advice.

Image Credit

Improved efficiency, better service

Financial advisers can only engage with a certain number of clients in any given day. Software for IFAs can now personalise every type of interaction with clients, from emails to text messaging, providing a better quality of contact between face-to-face discussions. Online tools that enable clients to administer to their own accounts or even perform some basic transactions put the client in control and free up time for advisers.

Digital advice

Commonly known as robo-advice and aimed at customers with less than £100,000, investment portfolios are suggested based on the risk tolerance and investment objectives calculated from questionnaires filled out by potential customers. The Financial Conduct Authority sees robo-advice as a way to make financial advice more widely available for low-cost fees and has recently set out new guidelines to help firms offer investment advice to more people.

The human touch in a digital space

Although younger people – particularly those of the millennial generation – are very much at home with conducting their financial business via mobile apps, they still recognise the need for human advice, perhaps to discuss more complex financial ideas or changing market conditions. Online client portals from specialists such as provide a secure messaging service between independent financial advisers and their customers, enabling them to discuss their portfolios in real time.

Image Credit

Dynamic content generation

Software that automatically provides market commentary or specific forms based on a client’s investment portfolio and objectives means that information can be sent electronically in a timely manner. The ability to automatically follow up with clients helps with the streamlining of communication between the financial adviser and the client.

Back office systems

The age of the internet and mobile communication has brought about a sense of immediacy, especially for tasks to be completed in real time. The processing of client and financial information, with day-to-day back office functions and more, means that financial advisers can concentrate on providing financial advice.

Related Posts