Investment platforms are becoming crucial helpers in the world of financial advice. These platforms help financial advisers plan better, analyze more deeply, and keep their clients focused on long-term goals, even through tough times. A 10X Think Indexing 2023 panelgathered to discuss how technology is making it easier for financial advice companies to grow and improve.
Main Points from the Discussion
1. Making Things Clear for Consumers:
The experts stressed the importance of being more open with consumers, especially about costs. It's not enough to just list the expenses; companies need to explain them clearly at every step. This idea is part of a larger movement in the UK aiming for more transparency and responsibility in the industry.
2. Deciding Where to Spend Money:
One big question is how much of their budget investment platforms should spend on benefits for the client versus the financial advice business itself. This challenge is recognized worldwide, with a special nod to how the US's big providers manage their advantages in scale.
3. Choosing the Best Tech Strategy:
There's an ongoing discussion about whether companies should create their technology solutions in-house or hire outside help. The general agreement is that anything directly affecting advisers and clients should be developed internally, while it might be more efficient to outsource the behind-the-scenes tech work. Finding the right mix and knowing when to seek external expertise is key.
Together, these insights paint a picture of a financial services sector that's evolving, with a focus on being open, spending wisely, and making smart choices about technology.
The Panelists
Daniel van Andel, Head of Adviser Proposition at Allan Gray
Daryll Welsh, Head of Product at Ninety One Investment Platform
Elton James, Head of Corporate Business at Glacier
Moderated by: Caroline Naylor-Renn, Chief Operating Officer at 10X
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