{"id":750,"date":"2018-10-08T15:40:13","date_gmt":"2018-10-08T15:40:13","guid":{"rendered":"https:\/\/www.coadyperformance.group\/?p=750"},"modified":"2020-10-15T11:42:52","modified_gmt":"2020-10-15T11:42:52","slug":"continuous-improvement-how-technology-is-changing-the-industry","status":"publish","type":"post","link":"https:\/\/www.coadyperformance.group\/continuous-improvement-how-technology-is-changing-the-industry\/","title":{"rendered":"How technology is changing the industry"},"content":{"rendered":"

The global marketplace is changing. For International Financial Advisers, the choice is stark: either adopt best practices in the face of challenges, or slowly become less relevant.<\/h4>\n

Let\u2019s take a look at how things are changing.<\/h4>\n

On the financial front, there are increasing \u2013 and justified \u2013 calls for complete transparency and disclosure of commissions and remuneration. Clients need to know about cost structures for the investment strategies, funds and policies they are being asked to subscribe for. Then, there is a drive \u2013 being led by both regulators, clients and internal change champions \u2013 to justify the advice we offer with results. This calls for regular reviews, written documentation, and transparent results. All of these things can be automated via a backoffice system. We recommend WealthCraft, but will circle back to this later on in this blog.<\/p>\n

There are also more stringent data protection regulations coming to the fore. As IFAs, we have to thread the needle between making customer information available to internal teams while also ensuring personal data is kept sacrosanct. As new regulations such as GDPR come into play, firms with global operations need to comply with multiple data protection schemes.<\/p>\n

So on the one hand, we need to deliver client-centric results while being upfront and honest about commission structures and revenue streams. On the other, we need to be agile, responsive and informed, all the while keeping customer data protected.<\/p>\n

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Conventional backoffice processes are incapable of keeping up with this lightning-fast environment. At present, many IFAs are running a tangled web of archaic legacy systems, paper-based reporting and clunky archiving. This multiple systems model is inefficient. It reduces transparency, drives down information sharing, and increases overheads \u2013 which firms then pass onto their clients. Even worse, things fall through the cracks and mistakes are made. Opportunities to add value are squandered. This must change.<\/h4>\n

So what can we do about this? As a first step, we must come to the realisation that lean and agile structures never occur by accident. They require investment in technology, coupled with training and change management strategies. We must also throw away our old IT models where multiple systems vie for attention.<\/p>\n

The order of the day is digitalisation led by an integrated software solution that can assemble a seamless value chain – from first customer contact all the way to transparent results.<\/p>\n

At Coady Performance Group, we searched for a solution to our reporting, data and operational needs \u2013 and realised that WealthCraft is an excellent fit for what we want to achieve.<\/h4>\n

WealthCraft is a financial services solution underpinned by the power of Microsoft Dynamics 365. This robust underlying platform guarantees compatibility across our organisation. Technological jargon aside, WealthCraft lets us store all client information and communication in a single cloud system. The end result: a single source of truth for our clients and internal teams.<\/p>\n

This unification of data does two things:<\/h4>\n