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Technology holds key to client servicing, advisers told

Platform technology is essential if advisers want to service more clients, according to HUB24 MD Andrew Alcock.

“Clients like online access and advisers want client servicing to be more efficient,” he said.

“Advisers are increasingly getting help with this via improving platform technology.”

Extended compliance requirements will mean more data management, and technology will facilitate this, Mr Alcock says.

“Without better technology in managing client information and transactions, advisers simply won’t be able to sustain the same volume of clients.

“Alternatively, they will need to increase practice resources.”

According to a recent Investment Trends survey on advisers’ use of technology, 91% say its key use is client servicing.

Investment Trends Senior Analyst Recep Peker told technology helps advisers show how they can add value for clients.

“The key thing is for the adviser to demonstrate how they are adding value,” he said. “If they don’t show how much value they are adding to the relationship, clients will move on.”

Mr Alcock says newer platforms differentiate their features, such as reporting, efficient administration and accessibility.

“These features help advisers better service their clients,” he said. “And if a platform has these features with the technology to keep costs down and provide value to consumers, everyone’s a winner.”

But he warns new platform features must fit individual advisers’ needs.

“We regularly seek to ensure there is balance between product refinements and overall practice utility,” he said.

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