Are you a financial planner? Do you handle client data?
Where are you now?
Maybe you must capture client data for every new client. Perhaps the data then sits with you. Though legally it belongs to the client.
Potentially the client has multiple advisers, other advisers to the client do the same. Capture the same data. Maintain said data. Over and over.
Possibly you move to another firm. The client follows you. You must capture data all over again. Potentially moving your client to yet another distributor Centralised Investment Proposition, on
yet another platform, on yet another sales back-office CRM, using yet another Lifetime Financial Forecaster software provider. Do you get the picture?
Possibly churning the client from pillar to post, over and over. Charging initial fees over and over.
Maybe the client moves to another adviser, data is captured, maintained. Initial charges were incurred yet again.
Perhaps you are a Non-Intermediating Financial Planner and the wealth tech company won’t allow you to use their system.
Potentially a client is left orphaned by an adviser departure, as the old firm chips away at assets in perpetuum with fees for no service. Locked in. Unserviceable.
Advisers exchange time for money. Their time is limited, so too is the number of clients they can see. Advisers must set investable asset thresholds at £100k to make a profit. Therefore 95% of the
population is disintermediated. The so-called, advice gap is created.
Then there’s a global economic-social emergency. And, 95% of the population don't have a clue on how their finances have been impacted.
Can you see the time and money just disappear through distributor-centric wealth tech applications?
Where would you like to be?
Imagine this. Like the law says. The data sits with the client.
What if, the client shared said data with all their advisers. Here is one wealth tech application per client for life.
Picture this. Set up once. Maintained once. Over a lifetime. By the client. No initial cost!
Now imagine you have 100 clients on your £500 webinar. Each with their own wealth tech application. The adviser facilitates generic advice and financial education. The client runs the money. In a
market where intermediation, investment returns, and platforms are commodities, viewable from that single wealth tech application.
Now imagine you have 1,000 clients download your £50 “HOW TO” eBook and pre-recorded webinar! Each has their own wealth tech application.
The adviser exchanges know-how for money. Knowhow is unlimited, so too is the number of clients they can see. Their business is unlimited. No thresholds.
No advice gap.
I’m sure you would agree that if regulated one-to-one is where you are, and non-regulated one-to-many (or none-to-many) is where you want to be, then you need a system, vehicle, or solution to get
you from A to B.
Well, that system is HapNav, the UK-based FinTech API available from the Academy of Life Planning in partnership with Envizage.
“The Envizage simulation engine considers risks to a household’s future plans from financial markets as well as from life events like mortality, disability, health, and long-term care. Its
next-best actions cover the full range of financial products, from savings and investments to insurance and borrowing, as well as lifestyle and other considerations.” - Capgemini, 2019 Retail Banking
Executive Interview Survey, September 2019.