All I want for Christmas is a good tech stack

How are you going to do business in 2022?

It’s a direct question, but things are moving so quickly these days: we’re remote, digital, hybrid. The information superhighway is taking us to all sorts of places, how are you going to use technology next year?

I’m the ghost of Christmas yet to come, to tell you how I think the forward-thinking firms will be operating over the next twelve months.

But first, I’m the ghost of Christmas present…

And what I see isn’t pretty.

Technology is letting advisers down.

Integrations often don’t work as expected, which means that manual entry, duplicate and repetitive tasks are commonplace. As a result, human error is rife. 

This also means less time spent in front of clients.

According to research by Next Wealth, most advisers are still spending over a quarter of their day on administration and another 16% on compliance, despite vastly increased technology adoption.

Is this what you want?

The ghost of Christmas future says relax…

In an ideal world, you’d get technology to work harder, to streamline more practice operations in 2022. But how?

Through automating workflows. 

What do I mean? Well think about some of your current processes, such as how you respond to queries, onboard clients and carry out suitability reports.

It’s entirely possible to use your tech stack in way that minimises the time, the effort and the room for human error inherent in these processes currently by setting up processes that automate this work.

Some examples of mapped workflow processes include: 

• Pre-consultation and booking workflows
• Automated annual suitability reviews
• Streamlined and fully customised factfinds
• Centralising communication records for compliance (think VoIP logs, email, portal chats etc)
• Gamification

All I want for Christmas is a good tech stack

Once you’ve found someone who can do this, and these automations are in place, they’ll run themselves. And they’ll become the most important members of your team – and they won’t take loo breaks, go away for Christmas or get sick.

They’ll allow you to relax, enjoy your business and put your clients first.

That’s the future kids. For more, read the full version of the article in this week’s Money Marketing.

And of course, have a very Happy Christmas and wonderful New Year. Thanks for reading and see you in 2022!