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The hybrid planner - the do's and don'ts of digital


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At the recent PFS Festival of Financial Planning event, Chris Pitt discussed what being digital really means for today's financial planning firms. What should they definitely have on their digital roadmap in 2018 and what factors might need a bit more thought.

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The hybrid planner - the do's and don'ts of digital

  1. 1. The hybrid planner The do's and don'ts of digital
  2. 2. Chris Pitt IRESS
  3. 3. Learning objectives • Understand what digital means for today’s hybrid planner • Learn why adopting a digital strategy can drive customer engagement and enhance your proposition • Become aware of common digital pitfalls • Takeaway some tips to get your business on the right digital path
  4. 4. What is digital • Any sales or advice process where the consumer serves themselves to some extent • It’s not about doing things better. It’s about doing better things!
  5. 5. Why all the fuss? Reach new segments Enhance service Reduce costs
  6. 6. Why all the fuss? AUM $10bn $7bn $10m Customers 270,000 150,000 Total Since 01/16 Per day
  7. 7. Why all the fuss? “US clients would prefer to deal with advisers via screen-share than at face-to-face meetings” MoneyGuide Pro
  8. 8. Why all the fuss? “Transformative in terms of the costs of advice”
  9. 9. Some examples 1-2
  10. 10. Some examples 2-2 Hello, what are you saving for? Plum is your personal savings assistant - it lives in Facebook Messenger, monitors your daily spending and automagically sets money aside for you. Because saying “#yolo” is a bit too tempting sometimes.
  11. 11. A stampede? More new start-up platforms Investment Managers, Life Co’s & Banks
  12. 12. Egged on by the regulator • FAMR • Advice definition • Pension dashboard • PSD II • Project innovate • Sandbox • Advice unit • Market reviews
  13. 13. What approach should you take? • Think strategically • Define your customer proposition • Design your delivery process • Aim to automate your back-office • Aim to enable your front-office with the RIGHT technology • Create a roadmap and stick to it
  14. 14. Where should you start? Talk to your clients and segment Understand: • GDPR • MIFID 2 • PSD 2 Separate developments that will • Streamline / automate your back office • Enhance client engagement
  15. 15. 3 Things that should be on your roadmap
  16. 16. Client portal Digital signatures Screen sharing 1 2 3
  17. 17. 3 Things that might need more thought
  18. 18. Fully automated robo-advice PFM (Client data aggregation) Pension dashboard 1 2 3
  19. 19. In summary • Think strategically • Use technology to underpin (not undermine) your proposition • Digital is a journey not a destination • Create a roadmap and keep reviewing it
  20. 20. Above all…
  21. 21. …do something, your clients are changing!
  22. 22. Learning outcomes • Understand what it really means to be digital for today’s hybrid planner • Have learned why adopting a digital strategy can drive customer engagement and how it can enhance your client service proposition • Become aware of common pitfalls and misconceptions when embarking on a digital journey • Have been provided with some useful tips to get your advisory firm on the right digital path