The relationship between financial advisers and their clients is more important than ever as technological advancement continues to transform the wealth management arena.
A new white paper from HUB24 and CoreData demonstrates that while technology stands to improve client and business outcomes, it fails to engage clients to identify values and objectives. In this way, technology is freeing up more time for advisers to interact with clients and understand their needs and feelings toward finances.
“In a quintessentially human-facing industry, technology can improve outcomes for both clients and financial advice practices. What it cannot do is engage in real conversations about client’s lives, their health, their family and, of course, their hopes and aspirations,” the paper reads.
It also notes the challenge for advisers using technology to enhance bottom line results is in securing the right blend that works for them.
Interviews with advisers around their use of technology form the basis of the analysis, with HUB24 managing director Andrew Alcock saying modern tools are playing a critical support role in practices and driving business efficiencies.
“At HUB24, we understand that advisers want to invest more time in the areas of their business where the human element cannot be replaced – which is forging and maintaining client relationships,” Alcock said.
“To us, it is clear that the future is about leveraging the best of both worlds to get the best outcomes for advisers and their clients.”
The launch of the white paper complements HUB24’s new #notjustanotherplatform campaign which seeks to highlight the uniqueness of individual advice businesses and how technology can be used to support the way they wish to work.