The New Model Tech Ecosystem: Portals, platforms, and the back office

The average consumer now expects digital experiences that are easy and intuitive to use, such as apps that order food, websites that take less than 2 seconds to load, and admin processes that can be done entirely without the use of paper.

Technology is catching on in the realm of financial advice and wealth management, and expectations are swiftly evolving.

Addressing this shift requires a fresh perspective on technology deployment within our industry, which is why we’d like to take 5 minutes to explain to you about the new technology model ecosystem, and how we fit into it.

Firms typically have three key technologies – their investment platform(s) (or portfolio management system), their practice management system (CRM or back-office) and a client portal.

?Firms often tell us they want a single supplier for all their technology – the reality is that best of breed technology rather than a jack-of-all-trades approach is far better at delivering benefits.

For instance, both the platforms and the practice management systems offer a free client portal as part of their package. The inclusion of 'free' client portals within these packages, though cost-effective, frequently fails to meet the higher standards set by daily-use consumer applications. Not only is this technology limited in its support for business processes, a free portal is also not available as a branded app from the app-stores, completely losing the impact of delivering your service under your own brand identity.

There are other technologies firms will use including Office 365, cashflow planning, money laundering, appointment booking, content and marketing, signature approvals and many more.

It is far easier to implement our technology if we co-exist with the existing back-office rather than replacing the technology outright which would be a significantly bigger project with less obvious benefits.

Our strategy is to complement the investment in the firm’s back-office and other technologies, whilst delivering a much-enhanced client experience which in turn leads to significant efficiency improvements.

?There is an expanding overlap with some basic features offered by moneyinfo and the practice management systems as we evolve our capabilities, taking advantage of new technologies now your client is connected. We call this Digital Relationship Management (DRM).

Firms can decide which bits sit where in your organisation, as each organisation is unique and whatever works best is the correct choice.

The front office is evolving, complementing the strengths of the practice management system and automating repetitive, admin-heavy tasks.

We are making firms more efficient and enabling them to deliver a better client experience.

moneyinfo supports some clients with onboarding, client reviews, valuations and task management, allowing their back office to focus on the tasks that they are designed to do efficiently, handling their regulatory reporting, and income reconciliation.

We are focused on building our market reputation and client base, continuously improving and expanding our DRM capabilities to deliver compliance confidence, enhanced client loyalty, and improved profitability.

We complement the firm’s investment in technology, making it work better and feeding it with clean and refreshed data.

moneyinfo is not just a client portal it’s a better way to do business.

We have an upcoming free webinar which demonstrates the bigger picture of the new model ecosystem, where we will explain in far greater detail what we have highlighted in this article.

We want to show you where we sit in this ecosystem, and how best of breed technology just makes sense to use. The webinar is being delivered on Friday 8th March, and will be for those who want to understand in more detail what the future of financial technology looks like, allowing you to deliver advice to more clients, more profitably.

?

Sign up for the webinar here: https://moneyinfo.zoom.us/webinar/register/3417097246082/WN_xkcF3qjMS1G9FLoDIb4mCg