Being a financial adviser has become more exciting and difficult than ever before, according to Neil Stevens, joint chief executive of Fintel.
Speaking to FT Adviser, Stevens discussed how technology would help advisers to cater for the growing demand for advice.
Stevens said: “Being an adviser has never been so exciting, but it is also more difficult than it’s ever been.”
Stevens said Fintel was now investing heavily in integration work to be able to better support advisers.
“Advisers need so much support nowadays with regulation, products, advice, running their business, back office, front office, quotation engines and we want to be the first company that genuinely brings it all together in one place for them,” he added.
Stevens said it was such an exciting time for advisers because there has never been more of a demand for, or more value of, professional advice.
Stevens said: “In the 20 years I have been doing this, this year more than any other I have met more advice firms wanting to grow their client base and their business and take on new advisers.
“Right now there are more clients that need advice and so advisers are leaning into that and if they have good technology and good systems in place, their businesses are set for great growth.”
Stevens said decisions advisers are making centre around a “growth mentality” and said he has noticed more advisers wanting to promote and showcase their value through VouchedFor which was purchased by SimplyBiz last year.
He said: “We have seen a massive uptick in demand from advisers to use the service to show the general public how they add value and what they do.
"The whole VouchedFor system is based around client reviews and that shows enormous confidence from advisers who are very happy to let their clients do the talking for them.”
Use of AI
Fintel recently purchased a firm called ifaDash which provides software as a service which Fintel will be heavily investing in, according to Stevens.
“IfaDash has smart infographics and an analysis tool and I think AI will be really useful here.
“It will help advisers understand trends in their business, trends in their clients and benchmark what they do against what others are doing by creating comparisons and distributions of behaviours,” he added.
Stevens believed AI would be really powerful but advisers will always continue to have human relationships with their clients.
Stevens also said the protection gap - the amount of people in the UK without protection insurance that may benefit from cover - is a “really big problem” which Fintel is aiming to address.
He said: “Fintel has been working over the years to try and increase life insurance sales.
“By purchasing Synaptic and Webline, we bought the quotation engines and all of the data on life insurance. So we're going to be putting that alongside our investment with Mortgage Brain to try and make buying life insurance much easier and more intuitive during a mortgage purchase.”
