Replace Your Adviser Systems With One Unified Platform

Does your business rely on a collection of software systems that has grown gradually over time? Your CRM holds the main client record, whilst separate applications are used for fact-finding, risk profiling, workflows, client communication – the list goes on!  

It’s likely each system was introduced to solve a particular problem. Viewed individually, the decisions you made seemed sensible, but now, the firm has an expensive and fragmented technology environment that requires staff to navigate several different systems, multiple log-ins and remember where different parts of each record are stored.

If your clients see a modern portal or digital form, but much of the work you do continues to rely on manual processes, there is an alternative. By adopting a unified platform, you can bring together the core advice journey. The objective is not simply to run fewer pieces of software, but to adopt a more coherent operating model.

Many firms we speak to worry about the length of time a transition to new software might take and the impact it may have on their business. Having managed the migrations of multiple firms to the AdviceObjects platform, we can assure you it’s not as labour intensive or as disruptive as you may fear.

One connected operating model

Replacing multiple adviser tools doesn’t begin with a list of software features. You need to start by deciding how you want to serve clients and operate in the future.

The transition provides an opportunity to examine where information is duplicated, processes slow down and employees have created manual workarounds. Once you have an understanding of the glitches in your system, you can define what you need from a more coherent platform and explore your technology options.

A common misconception is that you need to reproduce all of your existing processes inside the new platform. This can mask your inefficiencies instead of addressing their underlying cause. Instead, consider how you want each stage of the client journey to work, then decide what information is required and what should happen next. This creates a target upon which the unified platform can be configured. It then supports the way you want to work, rather than you having to change your processes to suit the software.

What does a unified platform provide?

A genuinely unified platform should support the connected delivery of advice, allowing information to flow through the client journey without repeated entry or constant reconciliation. Data should be held in such a way that automated processes and AI tools can operate. The value then comes from the way these capabilities work together.

The strongest platforms usually provide the following:

·        One client/household record containing all personal, financial, relationship and servicing information.

·        Prospect and relationship management without information being transferred between databases.

·        Connected onboarding forming part of a coherent journey.

·        Integrated financial planning using information already held in the client record.

·        Suitability report generation drawing on existing client, plan and recommendation data.

·        Configurable workflows reflecting your firm’s own processes.

·        Provider data and valuations connected to the correct client and plan records.

·        Document and communication management linked to the client and forming part of a clear history.

·        A branded client portal and mobile app, offering one secure place to view and share information.

·        Management and compliance visibility of all service delivery and operational activity.

·        Appropriate permissions and controls reflecting employee roles and approval authority.

How to transition successfully

The following steps can help make the transition to new adviser software seamless and less time-consuming:

1.    Create a list of what you’re using now: This should not only cover your principal systems, but also the more informal processes, such as spreadsheets, shared folders, email templates, etc. This exercise frequently reveals duplication and hidden operational dependencies. For example, a spreadsheet maintained by one employee may have become an important part of the review process, even though it isn’t included in any formal procedures. This exercise is essential, as it shows where existing systems have failed to support your needs.

2.    Decide what information to migrate: Data migration is one of the biggest concerns for firms looking to change technology provider. However, not every historic item must be converted. You need to distinguish between what you need to advise and service clients, records that must remain active, documents that can be archived and information that is no longer required. The aim isn’t simply to move all your data, but to create a reliable record of clients the entire firm can use with confidence.

3.    Configure workflows, templates and responsibilities: A unified platform should guide users through a clear process. Tasks can be assigned automatically, deadlines monitored and approval stages built into the client journey. Once the data is transferred, information held within the client record can be used to pre-populate documents and suitability reports, reducing the time it takes to produce them. When its configured properly, the platform becomes more than a storage tool. It is the operating environment through which you manage and evidence all work.

4.    Connect external services: You may continue to work with product providers, investment platforms and other specialist services outside your unified advice platform. The objective is to prevent each of these from becoming another disconnected place where the client must be managed. Data from these providers should flow into the central records, so employees do not have to reconstruct a client’s position before every meeting and review.

5.    Test the journey and introduce new software in manageable stages: Select representative scenarios and follow them from beginning to end. This may include onboarding a new client, completing a periodic review, or producing a suitability report. Testing should confirm the required information is captured at the correct stage and the client journey remains clear. It should also ensure management and compliance teams have the information they require and a complete history of activity is retained. The order in which you bring in the platform’s different tools will depend on your priorities and existing technology. What matters is that each stage contributes to the agreed operating model, rather than adding another temporary layer of complexity.

6.    Retire old systems: It may be necessary for old and new systems to run alongside one another for a short period during implementation. This should be controlled carefully and kept as brief as possible. Establish clear dates for completing the final migration and ending unnecessary licences and integrations. A unified platform delivers its greatest value when you commit to using it for all processes.

Don’t fear migration

The perceived difficulty of switching technology can cause some firms to stick with fragmented systems they know aren’t fit for purpose.

In reality, the process of migration can be structured and manageable when existing information is accessible and the new data structure clearly defined. For example, we recently migrated more than 3,000 client records to the AdviceObjects platform in less than four weeks.

The most complex part of the project is most often agreeing how you want to work. Done properly, it addresses the removal of any duplication and inefficient practises, rather than allowing them to be carried into the new environment.

We support our users throughout the entire migration process, so you’re never without the necessary technical advice and our experts will help map data, test records and configure the platform around your requirements.    

Because AdviceObjects operates around the wider client record, you can avoid paying for numerous systems to complete different parts of the process. Advisers gain a clearer view of the client, paraplanners and administrators work consistently, compliance and management teams gain greater visibility and crucially, clients receive a more cohesive experience.

We’re not simply trying to reduce your technology expenditure, we want to improve the way you work, creating a scalable foundation for future growth. Yes, replacing multiple systems requires careful planning, but it isn’t an unmanageable programme. The result should be more than a tidier technology stack, it should be a more efficient firm that can spend more time serving clients.

To find out how the AdviceObjects platform could replace your fragmented technology, don’t hesitate to contact us for an initial discussion or demonstration. Alternatively, email: contact@adviceobjects.com