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“Advisers increasingly want to talk to their clients about how they feel about money and the impact of that”
What challenges do you see advisers facing today?
The adviser market today has many challenges. Running a compliant and profitable business and the admin burden that it brings is already challenging. Add in the economy, post-COVID world, political landscape and climate change; and amidst that, we have the Consumer Duty and the compliance burden it brings.
In the face of all of that, advisers must be confident that they can answer all of their clients’ different remits. So, the role of an adviser is much wider than it has ever been.
You can watch the interview here or read her views below.
Advisers are facing many challenges that are slowing them down and preventing them from doing more of what makes them brilliant.
Laura King, Head of Xplan Essentials at Iress, talks about these challenges and the ways new technology can help.
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The Advice Challenge
How are these challenges impacting adviser output?
All of these challenges have a heavy impact on the adviser market; the main way being that it really slows them down.
The concept of financial wellbeing also comes into play here. Advisers increasingly want to talk to their clients about how they feel about money and the impact of that. This also takes much more time. So advisers need to start thinking about technology and the innovation that is going on in the market to help them with that.
Ultimately, they have to decide how much automation they can apply to their businesses, or if they should take on fewer clients or look for more high net worth clients. It is important that they think about what balance they want between the two.
Is technology the answer?
I see advice being a balance between technology and people. Technology can really enable automation, more interaction and give advisers a much wider reach.
Some advisers simply find this world of technology too complex and that’s completely understandable. Their role and expertise should be focused on managing money - not their back office system.
We have been out to the market to look at what that best practice need is for a small business, and we have put that all into a package.
Our ambition is for small advisers not to fear technology, to see it as a huge benefit to their business and not as something only for those with in-house IT.
Discover more about Iress
Laura King outlines the challenges advisers face and why a new proposition called Xplan Essentials could help smaller firms overcome them
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How is Iress helping advisers to take on these challenges?
We have launched a new proposition called Xplan Essentials designed for smaller advice businesses feeling the weight of these challenges. It is built for best practice and is simpler than anything else we have seen on the market today.
What does that mean? We help with your compliance burden, we do the user management and access controls. We have templates for valuations, emails, and workflow that all help you have a standard approach to your business. We also have a client portal and cash flow tools; and we believe we have everything you need for a small business to succeed in the market.
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“I see advice being a balance between technology and people”
“I firmly believe that Xplan Essentials can help advisers face off to the challenges and come out on top”
Our bespoke and dedicated team only deals with Essentials clients. So, everything from the implementation team through to product delivery and design, and to your day-to-day support is handled by account management.
We are completely dedicated to your needs. You get first sight of any new developments within the proposition and the chance to be part of client research.
We make sure that the product suits you, all the time. I firmly believe that Xplan Essentials can help advisers face off to the challenges and come out on top. We are here to support you and not be a barrier to your success.
