Technology has become a far more central part of the way everyone works in the mortgage advice industry. The days when all meetings were held face-to-face are long gone, in no small part due to Covid, while even the way that advisers source the products for their clients has changed thanks to technology.
It has helped all of us to be more efficient, and provide our clients with a much smoother – and hopefully faster – advice journey.
But development has not come to an end – there are far more ways in which technology can be harnessed to further boost financial advice in the years ahead. For networks that want to help their members succeed, this is an important area of focus. How can we put in place the right technological backing to help our advisers deliver for their clients?
LOOKING TO THE FUTURE
It’s a question we’ve been asking at Rosemount Financial Solutions (IFA), and has led to some exciting new recruits.
AI is only going to be more important in the future, and so we need to tap into it where possible. As a result Hrutuja Patnekar has been brought on board as Full Stack Developer, where she will be responsible for integrating and leveraging AI into the tools we provide for advisers, helping them streamline their workloads and operate more efficiently. Hrutuja is an AI expert, having recently graduated with an MSc in the subject, and will help Rosemount to be at the forefront of ensuring the technology is integrated in a smart and effective way, for example through our development of a chatbot for advisers.
Doing so will free up adviser time, letting them devote more of their time and energy where it is most valuable, on the actual advice process itself.
Given the way that clients and advisers interact now, it’s crucial to have websites, tools and portals that are completely intuitive to use. So alongside Hrutuja, we have brought in Ash Yavari to oversee the design of a new website, and to ensure that our tools and portals are optimised to provide advisers and their clients with the best possible experience. Ash has a great amount of experience in UX/UI design and has already hit the ground running with great developments.
REACHING NEW CLIENTS
One aspect of technology that has become part of everyday life is social media. Whether it’s Facebook, Instagram, Tiktok, X or Bluesky – among others – most people are using some form of social media on a regular basis.
It’s a great vehicle for communicating with them, whether that’s existing clients or potential new ones. But building a presence on these sites and apps is not necessarily something that advisers know how to do on their own, which is why Rosemount has brought in Calum Anderson as Social Media and Marketing Assistant. He will be working with our advisers to build those profiles and to help get the best possible results from their efforts on social media.
All of these new hires are geared towards ensuring that as a network we provide our advisers with the tools and support they need to stand out from the crowd, and go the extra mile for their clients.
HELPING ADVISERS REACH THEIR FULL POTENTIAL
One of the benefits of being an AR is that you can be entrepreneurial, build the sort of advice business that suits your own ethos. There’s no cookie cutter approach – if you look at Rosemount’s ARs, there’s clear variety in terms of what the different firms focus on, what their sort of clientele looks like.
But the network can have a huge impact on how successful its members are. By investing in the right support, such as on tech or social media, the network can help set their advisers up for success, ensuring not only that the advice firm has a wider reach but also delivers a smoother experience.
Equally, networks can help advisers truly reach their potential, opening up doors to new areas of the advice process which can ensure a more comprehensive service is provided. We have seen plenty of our more mortgage-based advisers look to branch out in doing more protection, or full wealth management, for example.
GOING THE EXTRA MILE
Given the way the mortgage industry is regulated, working as an AR makes a lot of sense. But networks are not identikit, each offering different levels of support and training to advisers.
As a result, it’s important for advisers to take a step back and consider whether they are getting the right sort of support for their own needs, their own ambitions. If they don’t feel that their network is delivering, then it may be time to consider their options.
