Noel Butwell, Distribution Director at Standard Life, discusses the ways in which businesses can optimise their processes to help meet future challenges.
With continuous change in the Financial Services industry, many advice firms may feel a sense of change fatigue. Over the past couple of years alone there have been fundamental shifts in regulatory, political and economic landscapes; pension freedoms have created new opportunities and risks; and technology has taken huge leaps with robo-advice now a reality.
But are you putting your business at risk by delaying updating your business processes?
The demand for advice is higher than ever, and while many firms have adapted well to this shift, others have failed to adapt their business processes to meet the growing demand for efficiency.
One danger is a vague and overly-broad client proposition. I believe that firms aiming to manage their business processes effectively should ask themselves where their expertise lies and which segments will be best served by that expertise. It might seem risky to focus on certain segments to the detriment of others, but a well-defined proposition helps to differentiate you as a firm and carves you a place in a highly populated market.
Spend time where you can best add value – giving advice
It’s been a long time since the advice sector was all about product sales; your USP is advice. Transactions should be a by-product of that advice rather than your key focus. Your success is dependent on the trust, relationship and overall confidence that clients have in your ability to keep their assets safe.
Separating transactions and advice
A useful exercise might be to try to describe your value proposition as if you have never actioned a single transaction. Remember, in a robo-enabled future, clients will be able to access basic transactional-based advice easily and at a fraction of the cost, but the value of your expertise and intellectual property will persist regardless of technological advancements.
Above all, don’t give up
Achieving real change requires grit and determination. Generally people don’t like change, but successful people know that if they want to make a difference they have to embrace it.
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Standard Life Assurance Limited is registered in Scotland (SC286833) is registered in Scotland at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
www.standardlife.co.uk © 2017 Standard Life Aberdeen
Standard Life is a leading pensions and savings business that has been successfully helping people manage their money and invest for their future since it was established in 1825. We are primarily based in the UK, with operations in Ireland and Germany. Around 4.5 million customers trust us with their savings and our teams of experts aim for excellence in everything we do.
We aim to be our customers’ first choice for their savings and our expertise is underpinned by a deep understanding of the current and future needs of all our customers and clients, and their advisers. We invest to support these needs and help our customers as they plan their future.
We have long been recognised as a leading provider of workplace saving solutions, supporting the needs of employers and their employees. More than one in six people who have auto-enrolled into a workplace pension in the UK have done so with Standard Life. Today our workplace pension and savings products are being used by 1.8 million customers, with assets of almost £40 billion.
We work with and support financial advisers. Our award-winning platforms, Wrap and Elevate, help financial advisers in the UK to provide high-quality financial planning services to their clients. Over £49 billion of assets are currently invested across our platforms.
Standard Life is part of Standard Life Aberdeen plc and able to draw on the financial strength and investment expertise of a FTSE 100 and Fortune Global 500 company that is one of the world’s largest investment companies.
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