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Delivering cost-effective financial advice

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Explore some of the fintech tools and innovations that are helping advisers to reduce the cost of financial advice and scale up their service.

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Delivering cost-effective financial advice

  1. 1. Delivering cost-effective financial advice iress.com Chris Pitt, Head of Market Analysis
  2. 2. iress.com 2 Costs & charges are in the spotlight Government Platform review Disruptors Untapped consumer segments New entrants Asset Management Market Review FAMR Robo-advisers Price of Advice
  3. 3. iress.com 3 Delivering (substantially) more for (substantially) less is fast becoming a critical success factor
  4. 4. iress.com 4 And technology is impacting every part of the value chain
  5. 5. iress.com 5 But, before we start… Cost efficiency “Producing good results for the amount of money spent” Collins English Dictionary
  6. 6. iress.com 6 An emerging spectrum Price High Service Personalised Low Service Remote access GUIDANCE ADVICE
  7. 7. iress.com 7 Let’s break things down a bit… Engagement Construction & Execution Administration
  8. 8. iress.com 8 Fee management Management reporting Client valuation reports Administration 284,000 Statement lines uploaded and matched in seven minutes 2 hours Previously took a whole day Doubled From 10 valuation reports per day to 20 per day.
  9. 9. iress.com 9 Construction & execution
  10. 10. iress.com 10 Today Tomorrow • Digital passports • Fact find pre-population (PSD2 & Open Banking) • Automated risk profiling • Dynamic fact find • E-ID&V
  11. 11. iress.com 11 Today Tomorrow • Proactive data-fed cashflow modelling • Shortfall calculators • Lifetime cashflow • Product research • Comparative quotes • Asset allocation
  12. 12. iress.com 12 Today Tomorrow • Algorithm generated advice • Suitability letter production • Comparative quotes
  13. 13. iress.com 13 Today Tomorrow • Digital passport • Automated AML • More STP • Digital signatures • E-application • E-trading
  14. 14. iress.com 14 Engagement Client portal • Outsource to client • 24 x 7 x 365 availability
  15. 15. iress.com 15 Engagement US research, incl. biometric testing, found consumers (aged 50 – 70) would prefer to deal with advisers via screen-share than at face-to-face meetings MoneyGuide Pro Screen-sharing
  16. 16. iress.com 16 % Self serve 15 Engagement of wealth managers would like to pilot new digital tools Capgemini’s World Wealth Report 2016
  17. 17. iress.com 17 To summarise…. Technology impact will be substantial :- • Advice at a much reduced cost • Truly personalised, high-touch services And, consumers will expect :- • Any device / any time • No re-keying • Absolute security AND data sharing (their adviser as part of a connected world)
  18. 18. iress.com 18 The future is Omni channel Core platform Consumer User UI APIAPI API APIAPI APIAPI Construction Administration Provider Provider Provider Provider Provider Provider
  19. 19. iress.com 19 To conclude …… Greater use of technology Wider variety of advice propositions More cost-effective delivery
  20. 20. Thank you iress.com Email: Chris.pitt@iress.co.uk Mobile: 07920 135708 Chris Pitt - Head of Market Analysis LinkedIn: Christopher Pitt Twitter: @chrispitt11

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