Giving Control To The End-User For Portability, Privacy, And Ownership.

"I really like this. Steve, by the way. I just think the profession has a tendency to over engineer things and overcomplicate things. And it's easy to look at it and think, "Oh, it's so simple". ... I think it's so simple. And that's good. Really good. So yeah, my feedback is very, very positive." - Tony Fields, TheKatalystCoach.com.

Are you a financial planner? Do you help clients one by one?

Where are you now?

Maybe you capture client data for every new client. Perhaps the data then sits with you. Legally it belongs to the client. Potentially the client has other advisers who do the same. Capture the same data. Maintain said data. Over and over.

Possibly you might move to another firm. The client follows you. You must capture data all over again. Potentially moving your client to yet another 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 you've inherited a new client and the wealth tech 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.

What's wrong with seeing clients one by one?

Advisers exchange time for money. Their time is limited, so too is the number of clients they can see. As you build your client list, annual reviews take up more time. When you reach one hundred clients, you are doing client reviews twice a week. You have little time for new business. You reach capacity.

To pay yourself a decent wage you need high fees per client. To achieve £100,000 turnover you need 100 clients each with £100,000 in investable assets where you take 1% per annum. Advisers must set investable asset thresholds at £100k to make a profit. According to the Office for National Statistics only 5% of households have this much in financial assets. 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.

If you didn't exchange your time for money, things could be different. But you have no choice when you are giving regulated advice, as each recommendation must be suitable. 

What would happen if you gave general advice? What would happen if you exchanged your know-how for money? What if you gave advice to crowds?

Can you see the time and money just disappear through distributor-centric business models and 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 client 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.

Sound interesting?

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.