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Financial advisers desperately need software to streamline businesses

Updated: Dec 12, 2023

Speaking to a financial adviser yesterday, he explained a stark reality that a lot of businesses have faced over the past few years. A strange situation where the financial adviser is having to turn business away or at least add prospective clients to a waiting list.

What is financial adviser software?

Financial adviser software refers to digital programs and technologies that financial advisers use to design, deliver, and monitor client plans. Most software is designed to generate charts, graphs, and reports that represent the client's financial information and intended outcomes. These software solutions are used by advisers to arrange and manage information for each company.

Why the financial consultant must decline new business or place potential clients on a waiting list?

Because of supply-side issues. They simply are struggling to keep up with the work for their existing clients.

Why? Mostly because the financial advisers don't have the software in place to streamline the workflow and the work is proving very manual: chasing up, providing reports, carrying out assessments, etc.

In fact, when putting in a trade for clients to buy a fund, they often find themselves on the phone for 40 minutes. Before COVID, the financial provider's service was top notch and it would take a max of 1-2 mins to get through.

Not only with labor being costly, is this expensive but also open to a lot of errors.

The financial advisers are finding also they are increasingly burdened by the FCA's regulatory requirements, which further exasperates the situation.

The solution is clear, financial advisers, such as the one I spoke to are putting in place much-needed software. And there are plenty of financial software providers out there thank goodness, but that is not the end of the story.

The financial advisers are way too busy trying to service clients to find and implement software solutions. Plus the software out there doesn't always do everything they need.

Financial advisers software
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About YourTechnologyDirector

Today I continue to be passionate about helping small and medium-sized businesses grow. I bring all my experience with technology, managing projects, and working with India to act as your own affordable flexible in-house technology director, representing your interests. Researching and executing solutions as rapidly as possible, at prices that work and help you get the max out of the technology out there.


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