Even if you prefer to do things “the old-fashioned way”, without a digital presence, clients simply may not be aware you exist. If you are not yet fully engaged with these factors, the importance of implementing them cannot be understated.
Sending regular digital communications, such as email newsletters. Creating an accessible online client journey. Your firm might have undergone a digital transformation throughout the past two decades, focusing more time and money on implementing or improving the following criteria: Many clients now find their financial adviser onlineĬrucially, the digital age has also shifted the way clients seek financial advice. Ensuring clients are researching their decisions first, rather than letting spontaneity get the better of them, could help clients stay on track to meet their goals. So, with clients having increased control over the minutiae of their finances, you could find regular check-ins useful. Your clients may now be able to access all aspects of their finances, including pensions, investments, protection documents, payslips, mortgage information, and many more, without even leaving the house. While this figure is higher than it was during the pandemic, 80% of people still prefer to use cards and bank transfers.īeyond everyday personal finance, there is the question of clients handling their wealth on a big scale. The Bank of England (BoE) reports that, as of July 2022, only 1 in 5 people say they regularly use cash. If asked to name the ways your clients’ interactions with their wealth have been transformed by technology, you’d probably be writing that list for a while.Įven down to its most basic level, personal finance has been almost entirely digitised. The rise of online tools has transformed the way clients handle their money 
So, here are five ways technology has transformed financial services in the past 25 years, and why it should matter to your firm.
Knowing how technology can serve both your firm and your clients, while understanding its potential drawbacks and dangers, is essential to success in today’s world. Released in the dawn of the internet age, this album spoke to the nature of changing technology before any of us really knew how powerful it could be.įrom the invention of social media to extraordinary medical advances and progressions in artificial intelligence (AI), technology has surely shaped the lives of every single person in the UK since the turn of the century.Īs an adviser, understanding the role of tech in your own practice is invaluable.
If you have been an adviser for many years, you could feel as if you’ve watched the world change before your eyes.įew things make us feel nostalgic more than music, and this year, Radiohead’s game-changing OK Computer album turns 26.
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