the 7 wonders of adviser technology
TRANSCRIPT
iress.com
The 7 Wonders of Adviser TechnologyMark Loosmore - Executive General Manager Wealth (UK) September 2015
7 Wonders...
1Tools & Calculators
2Connected World
3Social Media
4Remote Working (Staff)
5Remote Proposition
6Digital World
7Personal Data Mgt.
1. Tools and Calculators
Advisers are seeking additional toolsto better service their pre-retiree/retiree clients, most commonly seeking what-if scenario and cashflow modelling tools.*
• Cashflow planning• Portfolio management tools• Risk profiling questionnaire• Stochastic modelling• Comparative quotations
82%
*‘Investment Trends May 2015 Adviser Technology report, based on a survey of 906 Financial Advisers
1. Tools and Calculators
People are positive about the impact that technology has on financial services.*
• Extension of service• Consistency of advice• Professional outputs - institutional for all• Integrated solution - no need to re-key data• Elimination of errors
63%
*IRESS Report, April 2015 ‘Data, disruption and the digital consumer’
2. Connected World
Regulators
DFM
Distributers
Professional Bodies
Employers
Clients
IT SYSTEMS
Providers
Professional Adviser
2. Connected World
Data is timelyand accurate
EfficientProcess
NoRe-keying
Auditable Secure HigherService Levels
3. Social Media
Advisers say social media has helped them gain
new clientsPutnam Investments - Dec 2014
63%
High Net Worth Individuals (HNWI) use social media and 61% use it for at least
one financial purpose*
70%
HNWI believe social media is influential when forming opinions about financial
services/products*
29%
53% of HNWI use social media to keep up to date
with current financial trends*
53%
Half of the UK’s HNWI use LinkedIn - more than any
other social platform*
50%
*Social Media London, March 2015
3. Social Media
USERS ARE: 9,100
20% MALE
80% FEMALE
70MILLIONUSERS
HAPPENEVERY
SECOND
289MILLIONACTIVE USERS
1.5BILLIONACTIVE USERS
USERS SHARE
1MEVERY 20MINUTES
LINKS
300MILLIONACTIVE USERS
300MILLIONACTIVE USERS
380MILLIONACTIVE USERS
PICTURES COMSUMERS
RELATE TO
ALLOWS FOR BRANDS TO
BUILD CIRCLESHANGOUTS &
PHOTOS
DISCOVERY MICRO BLOGGING SOCIAL SOCIAL SHARING SOCIAL NETWORK BUSINESSFOCUSED
PINTEREST TWITTER FACEBOOK INSTAGRAM GOOGLE+ LINKEDIN
75%USERS ARE 35
OR OLDER15 SECOND VIDEOS
BRANDS USE HASTAGS
CORPORATEBRANDS
CONNECTING
3. Social Media
The number of financial advisers using social media has quadrupled since 2012, according to data from Financial Social Media UK. However, the Associationof Professional Advisers has estimated that half of advisers still don’t use any social media at all.
• Client connectivity/reach• Brand promotion• Partnering and knowledge sharing
4. Remote Working
• Cloud based• Working from home
• Collaboration software
4. Remote Working
The amount of people who work remotely is at its highest level since records began in 1998, according to the Office of National Statistics:
• 13.9% of workers work remotely
• 4.2m work remotely in total - this figure has grown by 1.3m since 2008
• The proportion of workers who work remotely has grown by 2.8 percentage points. (realbusiness.co.uk).
New workingpatterns
Timesaving/travel
Access to parttime workers
Employeesatisfaction
5. Remote Proposition
5. Remote Proposition
People now use online banking* • Client engagement• Geographical reach• Client convenience
85%
IRESS Report, April 2015 ‘Data, disruption and the digital consumer’
6. Digital World
Websites Private Portals Self Serve Robo Advice(some assistance)
24/7 availability Reach Convenience Brand
exposureReduce cost of servicing
6. Digital World
• 1 in 5 people use peer review websites such as Money Saving Expert before making big financial commitments*
• 18% of people want fully integrated customer service options across phone, online, social media and text*
• 47% of people use their phone to get online numerous times throughout the day*
* IRESS Report, April 2015 ‘Data, disruption and the digital consumer’
7. Personal Data Management
At the start ofthe public beta
65%
Estimate that ‘GOV.UK Verify’ can coverapproximately 80% of the UK adult population now
80%
Have plans to increase this to 90% by April 2016
90%
GOV.UK Verify CoverageStart Now Planned
At the start ofthe public beta
40%
The currentsuccess rate
69%
Aiming to increase this to 90% by April 2016
90%
GOV.UK Verify Success RatesStart Now Planned
7. Personal Data Management
Pensions Dashboard
7. Personal Data Management
People said they would like the abilityto view their financial world - bank accounts, mortgages, investments, insurance - in one place*. • Timely/accurate data• Elimination of re-keying of data on a broader scale• Process efficiency• Know your client
23%
IRESS Report, April 2015 ‘Data, disruption and the digital consumer’
Thank you
iress.com
Email: [email protected]: https://uk.linkedin.com/pub/mark-loosmore/5/56a/461Twitter: @mloosemore
Mark Loosmore