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Technology for advisory firms

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Results from a survey of business leaders from 45 of the UK's leading banks, IFAs and wealth managers on the use of technology in their businesses

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Technology for advisory firms

  1. 1. Meeting of Minds discussion pack<br />Using technology to increase efficiencies and reduce operational costs (& change the game)<br />| 1st December, 2010 <br />
  2. 2. Using technology to increase efficiencies and reduce operational costs (& change the game)<br />2<br />Areas for discussion:<br /><ul><li> Improving existing processes
  3. 3. ‘Changing the game’
  4. 4. A new operating model
  5. 5. Inhibitors to be overcome</li></ul>Data:<br /><ul><li>MoM survey completed by 45 members, mostly nationals and regionals with 50+ advisers. Respondents were mostly general managers
  6. 6. DT IFA survey, June 2010, 152 responses</li></ul>Source: DT Survey of Meeting of Minds members, November 2010 45 responses<br />
  7. 7. What’s driving technology use? The need for consistent processes and cost reduction along with enhancing existing customer relationships and risk profiling<br />3<br />Source: DT Survey of Meeting of Minds members, November 2010 45 responses<br />
  8. 8. Why aren’t benefits being seen? Systems not talking to each other and the cost of change. On average advisers key data into 4 separate systems to complete a case <br />4<br />Where do you normally enter data and where will you re-enter the same data to complete a case?<br />Source: DT Survey of Meeting of Minds members, November 2010 45 responses<br />Source: DT Survey of IFAs, June 2010 152 responses<br />
  9. 9. Applying technology to key processes and integrating them should deliver significant cost reduction / productivity improvement<br />5<br />All respondents <br />“On average, how long do you spend on the following tasks?”<br />“On average, how long do you spend on the following tasks?”<br />Respondents where technology is used<br /> on a task ‘often’ or ‘all the time’<br />Source: DT Survey of IFAs, June 2010 152 responses<br />
  10. 10. How could online technology be used with customers? Improving access to documentation, valuations and adviser contact are seen as important. Newer forms of engagement seen as important by almost 50%<br />6<br />Source: Google 2010<br />Source: DT Survey of Meeting of Minds members, November 2010 45 responses<br />Source: DT Survey of IFAs, June 2010 152 responses<br />
  11. 11. Should future operating models revolve more around the front office and direct interaction with customers than the traditional back office?<br />Adviser<br />Adviser<br />Customer<br />Call centre<br />Mobile<br />Front office and<br /> customer facing<br />Front /middle office<br />Paper & tools<br />Back office<br />Transactions<br />Multiple wrappers<br />Valuations<br />Rebalancing <br />Platform(s)<br />Providers/platforms<br />7<br />
  12. 12. Technology is clearly key to cost reduction, consistency of process and new forms of customer interaction however there are significant inhibitors <br />8<br />

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