FINANCIAL TECHNOLOGY
WHAT ’ S NEXT FOR TECHNOLOGY IN THE ADVISER MARKET ?
Development in the adviser and regulatory technology sector has moved incredibly quickly in recent years , however , it sometimes feels like it has some catching up to do with other markets . Following the creation of Fintel Labs earlier this year , an investment in new CRM solution , Plannr , and the acquisition Competent Adviser in July , we spoke to the Joint CEO of Fintel , our parent company , Matt Timmins , about the adviser tech landscape , how it can support firms , and what comes next .
We are confident that progress we are making is of a significant enough velocity to catch up to the advances made by other sectors . There are many new high-tech entrants coming into the market and bringing with them learning from other sectors . The current issue isn ’ t necessarily the quality of technology in our market but the number of individual systems and the lack of effective collaboration and integration . Our belief is that for technology to work for advisers and consumers in the way that is most beneficial , we need fewer , more complete solutions that are capable of adding value to the entire advice process . That is what we are building , and collaboration is key to the future success of our sector . Something I ’ ve personally experienced , and which never fails to impress me , is the eagerness with which advisers engage with – and demand – evolution in technology . SimplyBiz members and Defaqto users are real drivers of change in systems in solutions , and that ’ s exactly the way it should be ;
There ’ s a lot going on in the RegTech world at the moment , with the FCA , clients , and advisers all playing close attention to new developments . How does it compare to other markets ?
Technology in financial services
MT : has historically tended to move a little more slowly than some other sectors , particularly those in retail and FMCG . The delivery of high-quality personal financial advice is complex and , when you look at some of the processes in place – on either a large or small scale , they ' re still very manual . There are still a great deal of steps in a lot of advisory workflows , and more steps creates friction which leads to a higher propensity for errors to occur . In recent years , Fintel has made significant investment into the development of advice tech ( financial planning technology and workflow ) and RegTech ( building regulation and compliance into workflow ) with an aim of providing better outcomes for advisers , consumers , and the retail financial services sector as a whole .
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