TECHNOLOGY IN YOUR BUSINESS
ADVISER STORY
ACORN TO OAKS FINANCIAL SERVICES : A TECHNOLOGY SUCCESS STORY
In our 2021 Survey , 61 % of you told us that efficiencies
were a massive opportunity in 2021 , from spending less time traveling to using digital within your firm , with a further 54 % of you stating the use of technology , and 37 % intergenerational advice were also opportunities . We sat down with Rahul Gupta from Acorn to Oaks Financial Services to discuss how his firm has harnessed technology , the efficiencies it ’ s delivered and what that means from an intergenerational advice perspective for his firm in 2021 and beyond .
What was 2020 like from the perspective of an adviser who is out there every day dealing with customers ? It has been very challenging , and I think most advisers would share that sentiment . However , I think this ( pandemic ) has done us , the financial services industry , a huge favour and dragged us forward into the 21st Century . This is in terms of embracing the technology that was already out there , by forcing us to use it in a more proactive manner .”
What role did technology play within your firm in 2020 ? We , by default , actually moved away from an office server and onto Cloud based Office 365 the week before the first lockdown and it enabled us to keep contact with clients via Teams and Zoom , so that hasn ’ t been a barrier for us . The technology we use in the firm is really far wider ranging than that though ; through our use of Centra and Intelligent Office and how our clients interact with those solutions . I think the bigger challenge for us was , “ Yes , we have the technology but how would we connect with our clients ?”, clients who tend to be slightly older ( and not necessarily tech savvy ).
What are the things that you are doing now that you weren ’ t doing previously with technology ? I think for us , everything is now joined up as we use Centra and Intelligent Office for end-to-end advice process and they integrate seamlessly with each other . From an adviser perspective we ’ re always conscious about compliance . The knock-on from that is our PI cover , which I think all advisers are in the same boat with currently . The advice journey is under constant scrutiny from the Regulator so Centra really helps us with that as it ’ s backed by the SimplyBiz compliance team . Plus , you have Defaqto ’ s research tools on hand . When everything operates in sync , it truly helps you to demonstrate to clients the value that you ’ re charging them for . As a firm , we ’ re keen to instil the message around value to our clients .
How do you think your customers have reacted to video conferencing where you would traditionally do face to face ? Our clients are various ages but mine specifically tend to be around retirement age . So for us to work with them successfully with this technology , in some instances we have had to rely on their children to assist , which has been a great way to interact with the younger generation . After all , these are the people who will one day inherit the wealth that we ’ re managing . All good advisers will be having conversations around succession planning ; wills and Powers of Attorney too . I think there ’ s a great need , when it comes to using technology with older clients , to ease them into it if possible . Hand holding from our side and someone in their family is a supportive way to help them adapt . It breeds confidence and trust with different generations of a client ’ s family , the benefits of which are obvious . Beyond the intergenerational aspect , we have clients as far north as Scotland and as far south as the south coast of England , while we ’ re based in the Midlands . This not only breaks down the need to travel , but means the firm is delivering advice in a more sustainable and efficient way . It ’ s also a potential expansion for new clients who aren ’ t based near us .
What do you expect to see in 2021 and beyond in terms of how you ’ re using technology ? I think what we ’ ll see this year , and next year , will be more of the same in terms of the adoption of this technology amongst more of our clients . We all know the technology is there and is proven to work . Our business in 2020 was up from the previous year so it hasn ’ t been a hindrance . It ’ s helped , because I ’ ve been able to do more meetings in a more efficient manner and that ’ s been invaluable to us and our clients .
You can find more information about Centra and Intelligent Office on the Member or Client website . Or , if you ’ d like to discuss what Centra and Intelligent Office can do for your business , please speak to the Adviser Services team on 0808 124 00 00 or email adviserservices-tech @ simplybiz . co . uk .
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