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Advisers must stay abreast of new technology
Advisers must stay abreast of new technology
Financial advisers shouldn't discount new technology solutions because they've already implemented expensive services, according to Investmentlink.
Speaking to Adviser Innovation, Investment Link chief technology officer Wayne Robinson said financial advisers needed to stay abreast of new fintech offerings that could be augmented into their existing service or complement their current offering.
"Continually look at what's out there in the market," he said
"I know that some of these other larger products that they've implemented a number of years in the past had very large capital expenditures, but even those tend to have APIs available for use by third party software packages, so it's always good to keep looking at what's available and not just writing it off because they have spent a lot of money in the past on their current solution."
Mr Lawson said advisers currently face "massive amounts of change" and were at risk of losing business if they didn't maintain a competitive technology offering.
"Many fintechs that are trying to win the retail market directly by providing products that seem free to end users and if advisers aren't seen to keep up and provide similarly modern experiences to their clients or future clients, then they're going to be left behind," he said.
Even larger product solutions can be further customised, Mr Lawson said, noting that many large-scale software solutions tend to have third-party APIs available on the market, making it critical that advisers constantly look for new opportunities to improve their offering.
"Just because they see someone doing something that isn't available to them today, doesn't mean that it's not possible for them to do it tomorrow," he said.
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