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What do financial advisers really want?
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| At Fintechnix we are always looking at ways to better understand the market in which our clients operate. Our main game is Life Insurance so we tend to focus on those components in the market that form the process of how our clients sell life insurance products to consumers. We have all heard the saying "life insurance isn't bought it is sold ." Like most cliches it is true. The way most people buy life insurance product (not the short form offering that you can buy over the phone or web) is through financial advisers. I'm not talking here about the "old-fashioned" life insurance broker or salesperson, but rather the fully-qualified & experienced professional whom has a meaningful relationship with their client. It is this relationship that seems to be so, so important to any institution wanting to effectively promote & distribute their financial services products, not the least of whom are the Life Insurance companies. I wanted our company to better understand how financial planners engage and work with their colleagues & clients. Since we are a technology company it made sense to take a close look at the role of technology in financial planning, or more specifically how software helps or hinders the adviser's job in serving their clients. Over the last couple of months we have researched the state of play of the Australian financial planning software market. I don't have the time or space now to share all the research with you but here is a hit list which will give you some food for thought. Financial planning software, from the advisers perspective, needs to at least include the following: 1. Transparent pricing models and the option to use a cloud based service 2. Simple generation of client documentation such as statements-of-advice 3. The flexibility to report on any aspect of the clients data & portfolio of products 4. Ability to work easily with other systems in the adviser’s office. 5. Intuitive & easy to use with most functions being able to be activated with the minimum of staff or adviser training. 6. An accessible help desk with phone and online support. 7. Support all necessary data feeds such as Morningstar, Plan for Life etc. 8. Ongoing investment in research and development – the software needs to be always improving |
| Tags : STP, Life Insurance Software. Celent, Straight Through Processing, Financial Advisers, Wealth Management, Morningstar, SaaS, Cloud |
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