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Technology to drive new advice dynamic: Bravura
Technology to drive new advice dynamic: Bravura
The advice industry is set to take on a new structure, driven by technology and fragmented client relationships, says Bravura Solutions.
Speaking to Adviser Innovation, Bravura director of product development and strategy, Darren Stevens, said the new structure will see clients filter in and out of advice, using more technology along the way.
Mr Stevens argued that the structure fits to an emerging business model called B2B2C - business to business to consumer. He said this can be looked at as a "triangle" between software and technology providers, advisers and clients.
"So you've got the provider, the consumer and the adviser in this triangle that need to interact with each other to suit the customer's needs," he said.
According to Mr Stevens, technology is central to this dynamic. Consumers will often go straight to technology -- avoiding the adviser -- but at other times, they will actively seek out an adviser.
"People will want to see their whole wealth platform and they're going to want to have advisers help them when they need to be helped."
He noted that this also means that software providers will need to be flexible enough to allow advisers to come in and out of people's life stages.
Moreover, Mr Stevens said advisers will need to partner with the right providers in order to keep clients within their ecosystem. He said this is where integrating a robo-advice and guided advice function is useful.
"It takes away a lot of the manual pain points and advisers can focus on what they truly do properly which is the face-to-face interaction," he said.
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