How advisers implement investment recommendations has evolved significantly, most notably in terms of how this process is integrated into business, something that was tested during recent market drawdowns.
Technology is merely a facilitator in advice, says Praemium's Martin Morris. If advisers have 15 service providers but an inadequate client framework, they can end up being the tail that's wagging the dog.
'New and shiny’ tech will help advice practices become more efficient and grow, Netwealth’s Matt Heine believes, but the danger of building bloated, impractical tech stacks remains. Start with the clients’ needs, he says, and then look at how tech fits into your broader service offering.
All parties in the value chain are under increasing pressure, which has more to do with taking cost out rather than margin, Praemium's Mat Walker describes in conversation with Professional Planner's Shape of Advice podcast series.
The expectations advisers have of their platform providers has progressed, from consolidated reporting and access to wholesale pricing of managed funds, to enabling transparency and bringing an experiential element to client conversations.
These days the Ord Minnett founder runs his Boston Private Wealth advisory from the sunny clime of Sanctuary Cove. In the ultimate lifestyle play, he's swapped out the traditional urban commute for a 3-minute golf buggy cruise.
The crucial part of navigating change is doubling down on your strengths, knowing who your clients are, how you articulate value and whether it works for those clients or not - Simon Hoyle and Lena Ridley discuss transformation in the first episode of The Shape of Advice.