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Digital Advice - The Tide Is Turning

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Gary SavoryPublished: 23 March 2017

Over recent weeks and months I have been pleasantly surprised to speak to many advisory firms who are now taking the leap into the unknown of digital advice.

During my five years at Dynamic Planner I have spoken to hundreds of advisers and directors who have mostly fallen into the "if it ain't broke, don't fix it" view around the type of clients and service they provide.

That is a totally understandable and logical viewpoint. However, I am starting to speak to technical paraplanners and operational staff who have been tasked to take a look at the 'other side' that many 'old school' advisers had shied away from in the past. I get the strong sense that finally there is a realisation within many firms that not all clients are profitable, and new ways of working with these clients is a real issue and one that needs to be addressed. It seems that advisers are empowering their younger staff to see what's out there which can help their firm evolve and become more profitable through technology and build for the future. I believe this is where Dynamic Planner's new online stocks and shares ISA service - AccessAdvice - will be of benefit.

I like to explain the service to advisers and directors as a complement to their core face-to-face operation.  AccessAdvice will help you manage your dormant/transactional/fledgling clients (or whatever the latest term is) by providing them with a digital self-serve facility. This includes all the fantastic suitability aspects of Dynamic Planner's Risk Profiling and Risk Capacity process which feeds into a risk profiled solution that is tailored to the adviser's centralised investment proposition.

I see AccessAdvice as the golden ticket in managing those unprofitable clients by hosting them in a schooling pool with a low fee for those clients who are not yet profitable for the adviser due to the minimal work required.

As we know, the little fishes swimming around the AccessAdvice schooling pool are likely to grow in size and value due to promotions and inheritance. This will ensure that these once unprofitable clients can be moved into a face-to-face service as the relationship will have been there for a number of years during their time swimming happily in the schooling pool.

I am not saying that AccessAdvice will radically change the way you conduct your core face-to-face advice, but it will help advisers make profit from currently unprofitable business and allow them to start digging the foundations for that future business.

Gary Savory

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