Technology for advisory firms
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Transcript of Technology for advisory firms
Enriching relationships© Copyright 2010. Distribution Technology Enriching relationships
Meeting of Minds discussion pack
Using technology to increase efficiencies and reduce operational costs (& change the game)
| 1st December, 2010
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Using technology to increase efficiencies and reduce operational costs (& change the game)
Source: DT Survey of Meeting of Minds members, November 2010 45 responses
Areas for discussion:• Improving existing processes• ‘Changing the game’• A new operating model• Inhibitors to be overcome
Data:• MoM survey completed by 45 members, mostly nationals and regionals with 50+ advisers. Respondents were mostly general managers• DT IFA survey, June 2010, 152 responses
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What’s driving technology use? The need for consistent processes and cost reduction along with enhancing existing customer relationships and risk profiling
Source: DT Survey of Meeting of Minds members, November 2010 45 responses
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Why aren’t benefits being seen? Systems not talking to each other and the cost of change. On average advisers key data into 4 separate systems to complete a case
Back office system
CRM System
Online tools
Product provider site
Quotation portal
Platform/wrap
Online application
Online underwriting
Suitability letter generation
Pension tools
0 10 20 30 40 50 60 70 80 90 100
Source: DT Survey of Meeting of Minds members, November 2010 45 responses Source: DT Survey of IFAs, June 2010 152 responses
Where do you normally enter data and where will you re-enter the same data to complete a case?
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Applying technology to key processes and integrating them should deliver significant cost reduction / productivity improvement
Source: DT Survey of IFAs, June 2010 152 responses
All respondents “On average, how long do you spend on the following tasks?”
“On average, how long do you spend on the following tasks?”Respondents where technology is used
on a task ‘often’ or ‘all the time’
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How could online technology be used with customers? Improving access to documentation, valuations and adviser contact are seen as important. Newer forms of engagement seen as important by almost 50%
Source: DT Survey of Meeting of Minds members, November 2010 45 responses Source: DT Survey of IFAs, June 2010 152 responses
Source: Google 2010
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Providers/platforms
Front /middle office
Back office
TransactionsMultiple wrappersValuationsRebalancing
Adviser
Should future operating models revolve more around the front office and direct interaction with customers than the traditional back office?
Paper & tools
Adviser
Customer
Call centre
Mobile
Front office and customer facing
Platform(s)
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Technology is clearly key to cost reduction, consistency of process and new forms of customer interaction however there are significant inhibitors