The Adviser Issue 9 | Page 29

MT : for over 25 years , and – based on my experience – you ’ d struggle to find an adviser who didn ’ t understand the benefits of adopting technology . Where there is resistance , I ’ ve found that it often comes from the frustration of advisers encountering technology which requires them to compromise their processes to fit with it , rather than the tech being built to complement what is already working for advisers . Additionally , there ’ s historically been a plethora of systems which work well individually but haven ’ t been designed to fit together to operate end-to-end . We often talk about the regulatory burden upon the shoulders of advisers , and , in all honesty , I don ’ t believe that ’ s going to change . It concerns me when technology is discussed in way which suggests that it adds to the pressures facing advisers as , when the right solutions are in place , it should relieve a lot of the heavy lifting which can prevent advisers from spending time with clients . It ’ s vital that advice firms adopt tech , but it ’ s equally vital that we ensure the right tech is available to them .

MT : significant piece of regulation , touching numerous areas of the advice process . When the final guidance , advisers were already on a broad spectrum of readiness for each of the elements it addressed - working with clients with vulnerable characteristics , rationalising price and value etc . However , I believe that the vast majority of advisers will have not been prepared for reporting on all of these elements in the way the regulator now requires , and that ’ s where tech is needed . Consumer Duty requires a cultural shift in advisory firms , but it also demands that the results of this shift are evidenced in a way which would be virtually impossible without the use of technology . I ’ ve been heartened to see the RegTech sector move quickly to build new , or evolve

MT : advice tech centres around the provision of a platform style model . Not a trading platform , but a platform of tech and services that also includes trading functionality . It is unlikely there will be one system which does it all , but I do believe , through deep integrations and collaboration , we can more to a platform style solution that has a small number of well-connected solutions which align to advice process and deliver better outcomes .

MT : I don ’ t think we have figured out Where , How and to What degree just yet . My prediction is that AI will form part of future RegTech solutions , flagging areas of the advice process that need a second review and appraising advice cases in real time . AI will also play a part in helping advisers optimise solutions for clients and understand gaps in client needs . Finally , it is also likely that AI will be able to power a complete advice journey over time , so advisers in the future will need to be really clear in the areas they will add value compared the AI solutions that will exist in just a few years ’ time . Regardless of the advances in AI , I still believe there will be huge demand for quality personal financial advice ( assisted by AI ). Relationship and trust are still incredibly important and there is no substitute for a well-qualified and experienced adviser .