the hybrid planner - the do's and don'ts of digital
TRANSCRIPT
The hybrid plannerThe do's and don'ts of digital
Chris Pitt
IRESS
Learning objectives
• Understand what digital means for today’s hybrid planner
• Learn why adopting a digital strategy can drive customer engagement and
enhance your proposition
• Become aware of common digital pitfalls
• Takeaway some tips to get your business on the right digital path
What is digital
• Any sales or advice process where the consumer serves themselves to
some extent
• It’s not about doing things better. It’s about doing better things!
Why all the fuss?
Reach newsegments
Enhanceservice
Reducecosts
Why all the fuss?
AUM
$10bn
$7bn
$10m
Customers
270,000
150,000
Total
Since 01/16
Per day
Why all the fuss?
“US clients would prefer to deal
with advisers via screen-share
than at face-to-face meetings”MoneyGuide Pro
Why all the fuss?
“Transformative in terms
of the costs of advice”
Some examples 1-2
Some examples 2-2
Hello, what are you saving for?
Plum is your personal savings
assistant - it lives in Facebook
Messenger, monitors your daily
spending and automagically sets
money aside for you. Because
saying “#yolo” is a bit too
tempting sometimes.
A stampede?
More new start-up platforms
Investment Managers, Life Co’s & Banks
Egged on by the regulator
• FAMR
• Advice definition
• Pension dashboard
• PSD II
• Project innovate
• Sandbox
• Advice unit
• Market reviews
What approach should you take?
• Think strategically
• Define your customer proposition
• Design your delivery process
• Aim to automate your back-office
• Aim to enable your front-office with the RIGHT technology
• Create a roadmap and stick to it
Where should you start?
Talk to your clients and segment
Understand:
• GDPR
• MIFID 2
• PSD 2
Separate developments that will
• Streamline / automate
your back office
• Enhance client
engagement
3 Things that should
be on your roadmap
Clientportal
Digitalsignatures
Screensharing
1 2 3
3 Things that might
need more thought
Fully automatedrobo-advice
PFM(Client data
aggregation)
Pensiondashboard
1 2 3
In summary
• Think strategically
• Use technology to underpin (not undermine) your proposition
• Digital is a journey not a destination
• Create a roadmap and keep reviewing it
Above all…
…do something,your clients
are changing!
Learning outcomes
• Understand what it really means to be digital for today’s hybrid planner
• Have learned why adopting a digital strategy can drive customer
engagement and how it can enhance your client service proposition
• Become aware of common pitfalls and misconceptions when embarking on
a digital journey
• Have been provided with some useful tips to get your advisory firm on the
right digital path