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 Cash Flow
software provider. 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 incurred.
Perhaps you are a Non-Intermediating Financial Planner and the wealthtech company won’t allow you to use their system. What then?
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. 95% of the
population are disintermediated. The so called, advice gap.
Then there’s a global economic-social emergency!
Can you see the time and money just disappear through distributor centric wealthtech 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 one wealthtech 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 wealthtech application.
The adviser facilitates generic advice and financial education. The client runs the money. In a market where investment returns and platforms are a commodity, viewable from that single wealthtech
Now imagine you have 1,000 clients download your £50 “HOW TO” eBook and pre-recorded webinar!
The adviser exchanges knowhow 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.
UK-based FinTech Envizage offers an API available as an AoLP digital offering.
“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.