A brave new world

IntelliFlo managing director Nick Eatock reveals how advances in technology will help advisers adapt to an evolving marketplace.

The recent heavy promotion by Microsoft and Apple of their cloud computing propositions points inextricably towards one thing. This is the road both personal and business computing will travel – and very quickly – over the next few years.
The fact is that technology is moving into a new phase in user interface and that will impact businesses across the board, in particular those that provide a service like financial advice to clients.

Changing views

We have already seen how the introduction of online banking services and the growth of social networking have changed people’s views of what they want and expect of those providing products and services to them. When it comes to mass affluent/HNW clients of IFAs and wealth managers, who are short on time and wanting best of breed service, those expectations can be heightened.

Which is why when IntelliFlo built the very first version of Intelligent Office back in 2004, we designed it as a Software as a Service (SaaS) proposition.

Business studies show that where IFAs make use of technology that naturally feeds through into a better service for clients. But, there is a caveat here. The full benefits are only achieved where the technology is used effectively and creates business efficiencies.

Technology should create a stream of workflow that fits the business it is serving and takes time, effort and cost out of the operational structure. If the technology is not being used effectively or is lagging behind the times, that can impinge the efficiency of any business it is serving.

Software as a service

We chose SaaS as our technology route because it is rooted in issues and the common sense practicalities of running a successful business. Like cloud computing, it hosts the entire system on central servers, thereby creating major accessibility and efficiency benefits for users.

Centrally hosting Intelligent Office’s front, mid and back office system, for example, means users can access it anytime from anywhere there is an internet connection. It puts the adviser firmly in control, enabling the business to establish its business model and map its workflow rules against it.

Knowing that everyone in the organisation is working on the same ‘live’ version and the most up-to-date copy of any documents, and that these are logged and audited, significantly reduces compliance risk.