Financial Planning
Top tech business tips
11 March 2019
Financial Planning
11 March 2019
Jayson Forrest is the managing editor of Money & Life Magazine.
Question: What are your top three tips when it comes to selecting new technology for your business?
Brian May CFP®
Managing Director, Horizon Wealth Management
Licensee: Horizon Wealth Management
The basis for the successful integration of technological solutions lies in the firm’s culture. There must be – at its core – the acceptance of change and an emphasis on continual business improvement.
Without the leadership being supportive of the introduction of new technology, it is likely that any procurement decision will fail. Introducing new technology is initially extremely disruptive, with efficiency improvements and capacity gains manifesting over time – sometimes over years.
Before even considering introducing new technology, the business must have a dedicated person assigned as the Project Manager. Ideally, this is an existing experienced resource who has significant knowledge of the business, its strategy, processes and requirements.
The three tips to ensuring a rewarding outcome would include:
1. Planning phase
– What exactly does the new technology need to do?
– What is the new system meant to deliver that the incumbent cannot or does not deliver?
– Has the business properly investigated the incumbent’s potential?
– Does the business have a properly documented plan?
– Has a proper budget been done, not just for the base technology offering but also for the customisation of it to the business’s requirements?
– Is the business case proven – i.e. do the quantifiable benefits justify the investment?
– Has the business done a proper due diligence on the vendor and its capacity to customise the technology to the business’s requirements.
2. Ensuring that the quality of the existing client database is in good shape: Introducing new technology without a quality client database will simply result in incomplete output. By designing various client and practice management reports beforehand, may assist in determining the required fields on the database.
3. Writing very good content for producing the required output: It is critical to have well written and compliant content to ensure that the business’s various output documents, such as Statements and Records of Advice, produce quality information.
***
Reuben Zelwer CFP®
Director, Adapt Wealth Management
Licensee: Paragem
My three tips are as follows:
***
Nathan Nash CFP® LRS®
Director – Private Wealth, Scarlett Financial
Licensee: Lonsdale Financial Group
One of the most beneficial investments you can make to your financial planning business today is technology. It has the ability to create significant efficiencies for your practice, enhance client experience, improve communication, provide marketing opportunities, and present a professional modern organisation.
However, when considering the introduction of new technology, there are a number of considerations to achieve a successful integration. My top three tips in selecting technology would be:
***
James McFall CFP®
Managing Director, Yield Financial Planning
Licensee: Lifespan Financial Planning
At Yield, we view technology spend as the equivalent of an employment cost. Selected well, we’ve found that technology can achieve improved reliability in the service we deliver, reduce running costs, and free up the team to focus on the higher value advice needs of our clients.
***
Gil Gordon CFP®
Proprietor and Financial Adviser, RI Newcastle and Lower Hunter
Licensee: RI Advice Group
Technology is an enabler; a means to an end and not an end in itself. We feel technology will help us deal with:
– Password security via a password manager and ‘Two Factor Authentication’ on all systems;
– Hardware and software encryption on computers via Windows 10 tools and new Intel chip sets;
– Hardware firewalls; and
– Software that tracks and reports unusual computer access and behaviour.
***
Cody Harmon AFP®
Financial Adviser and Managing Partner, HardLine Wealth
Licensee: Fitzpatricks Private Wealth
Make sure you don’t feel threatened when you see new technology that may replace some of what you used to do. For example, MyProsperity can take away some of the work when setting up a budget for a client or automatically provide a client with a real time balance sheet. To ignore this automation would be foolish for your business’s future profitability.
Ask if the technology is going to improve client outcomes or improve business efficiency. Some fintech available in the marketplace are solutions that look to solve problems that actually don’t exist. So, try to negotiate trials to see if the technology adds value to your business or your clients.
If you are going to use new technology, invest the time and money needed to understand it, and ensure you properly implement the technology. You can’t have one foot in the water and one foot out; you need to embrace change. In fact, the worst thing you can do is ignore technology.
Tags in this article: Financial planning
Top tech business tips11 March 2019 Question: What are your top three tips when it comes to selecting new technology for your business? Brian May CFP® Managing Director, Horizon Wealth Management Licensee: Horizon Wealth Management The basis for the successful integration of technological solutions lies in the firm’s culture. There must be – at its core – the acceptance of change and an emphasis on continual business improvement. Without the leadership being supportive of the introduction of new technology, it is likely that any procurement decision will fail. Introducing new technology is initially extremely disruptive, with efficiency improvements and capacity gains manifesting over time – sometimes over years. Before even considering introducing new technology, the business must have a dedicated person assigned as the Project Manager. Ideally, this is an existing experienced resource who has significant knowledge of the business, its strategy, processes and requirements. The three tips to ensuring a rewarding outcome would include: 1. Planning phase – What exactly does the new technology need to do? – What is the new system meant to deliver that the incumbent cannot or does not deliver? – Has the business properly investigated the incumbent’s potential? – Does the business have a properly documented plan? – Has a proper budget been done, not just for the base technology offering but also for the customisation of it to the business’s requirements? – Is the business case proven – i.e. do the quantifiable benefits justify the investment? – Has the business done a proper due diligence on the vendor and its capacity to customise the technology to the business’s requirements. 2. Ensuring that the quality of the existing client database is in good shape: Introducing new technology without a quality client database will simply result in incomplete output. By designing various client and practice management reports beforehand, may assist in determining the required fields on the database. 3. Writing very good content for producing the required output: It is critical to have well written and compliant content to ensure that the business’s various output documents, such as Statements and Records of Advice, produce quality information. *** Reuben Zelwer CFP® Director, Adapt Wealth Management Licensee: Paragem My three tips are as follows:
*** Nathan Nash CFP® LRS® Director – Private Wealth, Scarlett Financial Licensee: Lonsdale Financial Group One of the most beneficial investments you can make to your financial planning business today is technology. It has the ability to create significant efficiencies for your practice, enhance client experience, improve communication, provide marketing opportunities, and present a professional modern organisation. However, when considering the introduction of new technology, there are a number of considerations to achieve a successful integration. My top three tips in selecting technology would be:
*** James McFall CFP® Managing Director, Yield Financial Planning Licensee: Lifespan Financial Planning At Yield, we view technology spend as the equivalent of an employment cost. Selected well, we’ve found that technology can achieve improved reliability in the service we deliver, reduce running costs, and free up the team to focus on the higher value advice needs of our clients.
*** Gil Gordon CFP® Proprietor and Financial Adviser, RI Newcastle and Lower Hunter Licensee: RI Advice Group Technology is an enabler; a means to an end and not an end in itself. We feel technology will help us deal with:
– Password security via a password manager and ‘Two Factor Authentication’ on all systems; – Hardware and software encryption on computers via Windows 10 tools and new Intel chip sets; – Hardware firewalls; and – Software that tracks and reports unusual computer access and behaviour.
*** Cody Harmon AFP® Financial Adviser and Managing Partner, HardLine Wealth Licensee: Fitzpatricks Private Wealth Make sure you don’t feel threatened when you see new technology that may replace some of what you used to do. For example, MyProsperity can take away some of the work when setting up a budget for a client or automatically provide a client with a real time balance sheet. To ignore this automation would be foolish for your business’s future profitability. Ask if the technology is going to improve client outcomes or improve business efficiency. Some fintech available in the marketplace are solutions that look to solve problems that actually don’t exist. So, try to negotiate trials to see if the technology adds value to your business or your clients. If you are going to use new technology, invest the time and money needed to understand it, and ensure you properly implement the technology. You can’t have one foot in the water and one foot out; you need to embrace change. In fact, the worst thing you can do is ignore technology. |
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