The recent shake up in the way we live and work has brought technology into focus like never before. Advisers have had to get to grips with new digital tools, and quickly, to keep their businesses operating remotely.
One person who knows how technology can help build stronger, more sustainable businesses is Dan Marsh, Head of Ecosystem at Seccl.
Seccl is a custodian and platform technology provider that Octopus acquired last year.
We spoke to Dan to get his thoughts on what’s been happening in the industry, and why now is a better time than any for advisers to take stock of their tech needs.
The recent shake up in the way we live and work has brought technology into focus like never before. Advisers have had to get to grips with new digital tools, and quickly, to keep their businesses operating remotely.
One person who knows how technology can help build stronger, more sustainable businesses is Dan Marsh, Head of Ecosystem at Seccl.
Seccl is a custodian and platform technology provider that Octopus acquired last year.
We spoke to Dan to get his thoughts on what’s been happening in the industry, and why now is a better time than any for advisers to take stock of their tech needs.
Reflecting on the past few months, when most of the industry have been working remotely, what impact has this had on financial advisers?
I think for many advisers, this has been a steep learning curve. Some might feel like they’ve had to re-learn how to work in many ways, and get to grips with operating in a wholly digital world.
It’s been quite a dramatic and abrupt change. Whether or not we like it – or are ready for it – we’ve all had to get on board with a new way of doing business.
Having said that, lockdown has really shown the immense power of technology. And how quickly people can adapt.
With face-to-face meetings no longer possible (for now), communication platforms like Slack, Microsoft Teams and Zoom have come into their own. Tools like these have allowed businesses to move to a fully remote working model, with little impact on processes and output, and have allowed advisers to continue doing what they do best: giving great client service.
What challenges have these new digital tools presented?
Naturally, such a sudden jolt forward hasn’t come without a few bumps in the road. As Slack CEO Stewart Butterfield put it, “it felt like the shift which we believed to be inevitable over 5-7 years just got fast-forwarded by 18 months.” So a bit of whiplash is inevitable.
Advisers are typically at their best, and most comfortable, in a face-to-face environment. As this has been stripped away, some might have struggled, at least at first, to adjust to this new digital reality, where they can only speak to clients via the phone or a computer. Especially those dealing with older clients. It’s meant maintaining open lines of communication, in whatever way that may be, has become paramount. And that’s no bad thing.
On the whole, the teething pains that come with any new and unfamiliar technology have been largely short-lived, and most advisers are probably now in full swing with these platforms.
Do you think the benefits to doing business digitally have outweighed the challenges?
Well, I think the point is that technology provides an option – to carry on with business as usual in unusual times – where otherwise there would be none. It’s not a benefit so much as a lifeline right now.
And while it’s only right that we acknowledge the security risks that come with working online, it’s just as important that we recognise the risks of failing to as well.
Because if these strange times have shown anything, it’s that businesses who have chosen to embed technology are far better positioned to adapt and thrive than those who haven’t.
For some businesses, the last few months might have brought with them falling revenues, a continued squeeze on fees and a growing pressure on profitability.
All the more reason, then, to make a change and put technology at the heart of their business processes, not the periphery. Done right, it could bring new efficiency gains and make life easier for advisers, paraplanners and administrators alike.
This might seem daunting for those who don’t consider themselves to be particularly tech savvy. But embracing technology doesn’t mean you have to become a tech expert yourself. New technology providers are there to help with some of the heavy lifting, exactly so you don’t have to.
Is this a turning point in terms of how advisers view and use tech?
This period definitely represents a unique opportunity to reflect and take stock. I’d certainly say it’s a good idea to use the time and space that the current circumstances afford to ask some tough questions of your business.
Is your tech setup causing more problems than solving them? Are you missing out on revenue that could have been captured if you had better digital processes in place?
It’s tempting to work through this ‘blip’ and simply carry on as ‘normal’, in the hope that everyone else will do the same. But that to me is a mistake. Because the world isn’t likely to return to exactly how it was before. Those who will come out on top are the ones poised to embrace technology and all it has to offer.
These unusual circumstances have offered a large dose of healthy perspective. It’s something advisers should grasp with both hands.
This period definitely represents a unique opportunity to reflect and take stock. I’d certainly say it’s a good idea to use the time and space that the current circumstances afford to ask some tough questions of your business.
Is your tech setup causing more problems than solving them? Are you missing out on revenue that could have been captured if you had better digital processes in place?
It’s tempting to work through this ‘blip’ and simply carry on as ‘normal’, in the hope that everyone else will do the same. But that to me is a mistake. Because the world isn’t likely to return to exactly how it was before. Those who will come out on top are the ones poised to embrace technology and all it has to offer.
These unusual circumstances have offered a large dose of healthy perspective. It’s something advisers should grasp with both hands.
You can learn more about Seccl here.
About Seccl
Seccl is a custodian and technology company that was acquired by Octopus in September 2019.
Its custody service and investment technology together empower forward-thinking financial advisers and investment managers to improve their service, reduce costs and own more of the value chain – by operating their own platform.
