The latest Financial Adviser list of the top 100 advisory businesses* has recently been revealed. Apart from the levels of gross sales of investment and pension products and the obvious quality of the advice and leading customer services, another common factor of success has emerged, the importance of leading technology.
Overall, 94% of the top 100 firms are using IRESS solutions. A large proportion of these leading adviser firms are using IRESS back-office CRM technology to run their business, and many are also benefitting from additional IRESS integrated solutions encompassing quotes and comparisons, mortgage sales and origination, and trading and dealing functionality.
Based on his experience working with many of the top financial advisory businesses in the UK, Mark Loosmore, Executive General Manager (Wealth), believes there are a few factors that contribute to their success:
“We know firms that invest in technology to build an efficient, consistent and repeatable workflow process, using accurate and timely MI to guide quick decision making, have realised significant cost savings. These cost savings can then be reinvested as working capital to further improve the advice proposition. Those that use integrated planning tools to generate professional documents and communicate to clients through the channels they prefer – face to face, phone, digital or a mixture – are able to provide a far more engaging and personalised customer experience. And firms that have good record keeping and compliance audit trails are able to respond more swiftly to regulation changes with minimal impact to clients. All of these success factors are largely driven by reliable technology.
“The overwhelming use of IRESS technology solutions reflects both the breadth and quality of the products and services we offer. We’re extremely proud that so many of the most successful advisory businesses in the UK put their trust in IRESS as an integrated technology partner.”
*Financial Adviser Top 100 Financial Advisers 2017 in association with Strategic Insight