A recent datamonitor report, “Financial Advisors’ Views of Service”, stated that out of the 100 UK financial advisers they surveyed, 57% stated that they spend more than 20 hours per week undertaking administrative tasks. In a 40 hour working week that’s 50% of their time not selling!
Looking below the surface a large number of those surveyed were sole traders, the same group that has fallen behind in their investment in IT systems.
It is essential that IT vendors get cost effective solutions to these IFAs to help make them more efficient and ultimately more profitable. A key sector of the IT community that has effectively been reaching the smaller IFA is the Portals and with this in mind AT8 have commissioned our own survey to see how the Portals are faring.
The results of this survey will be published next week but from initial analysis the use of the Portals has grown significantly this year both when looking and quotation volumes and electronic applications. Good news for all. However further time savings are needed. Most of the Portals offer either directly themselves, or through partners, a more complete e-trading platforms including front office and back office systems and it is here substantial further time savings can be made by streamlining processes further. Wider use of the Portals vendors services in this way, to provide a full e-platform for the whole of the distributor’s business really will pay dividends.
There are plenty of opportunities for efficiency gains let’s hope they become accessible to as many advisers as possible.
