How to get the most out of your tech spend

Technology has made unbelievable advances and probably never more so than in the past 20-30 years.

Now we have mobile phones that are truly mobile, with more and more technology packed into smaller, lighter devices.

No longer just telephones but comprehensive communication devices, the new generation smart phones, allow users to e-mail, text, access the web, watch videos, play games and of course, speak to people.

Consumer demand in today’s world dictates for further data and enhanced communications on the move, as we invariably try to do more and more in the same amount of time.

Let’s take a look at the financial sector and ask ourselves: what is currently available in this arena that can improve and make our working lives more efficient?

Great choice and flexibility

Across the industry, back office, wrap, banks and life office providers have all massively improved their technology solutions, with the ability to share and transfer data electronically, most commonly via the web.

By doing this, not only can customers easily gain access to their important financial information, but it also lowers the costs across these streams while offering clients greater choice, flexibility and transparency.

If we just concentrate on back office (practice management) solutions, we have seen humble client management systems develop into all-encompassing front, middle and back office solutions, offering everything from storing client data and fact finding to more complex functionality such as electronic valuations, electronic commissions, financial planning and fund analysis as just a few examples.

If you look beyond the functional benefits that most back office system providers offer, you should find a solution that suits your business and can be moulded to suit.

There is nothing worse than inflexible, antiquated software that you have to muddle through to achieve and produce value, not only for your clients, but to add value to your business.

In theory, your back office vendor should be able to offer the functionality you desire, but in a usable, end-to-end integrated process.

Furthermore, with the advent of new enhanced technologies, we are seeing additions to the types of tools included within the back office solutions with improved third party partnerships between vendors to further augment the client journey.

These partnerships include linking the back office to quote and research portals, fund analysis, financial planning and needs analysis systems.

Not only do these tools help within the advice and compliance process, but due to their integrated nature it means there is less data entry, reduced errors and a more streamlined process and experience can be enjoyed.

To the advisory practice, this means an efficient, end-to-end process can be achieved while reducing costs and increasing productivity.

Moreover, the client’s positive experience with the practice should increase.