PowerPoint Presentation

iress.comCISI Paraplanner WorkshopColin Sloss - Senior Business Development Manager

The Paraplanner perspective - technology & the advice process

Commonly understood factors;Savings and Investment levels are lowEconomic challengesChanging demographic and attitudesInter-generational transfers are no longer certain

So are investments dull?Personally think it can beNot going to pretend tech answers everything It doesntPeople will continue to play a significant roleWhat I will do is to talk through how I think technology can play a role today and tomorrow

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Evolution of technologyTechnology and the Advice ProcessThe Paraplanner perspectiveQ&AAgenda

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Acceleration of technology

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So will Artifical intelligence put all advisors and investment managers out of work?As weve seen last year and this, human behaviour can be very hard to determineThat said, technology is evolving very fast

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1960s

Barclays launched Barclaycard, the first British credit cardWorlds first cash dispenser was opened by Barclays in Enfield. Customers needed to purchase special vouchers to use in the machines

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As we take a quick canter through technology, we can see how the pace of progress has increasedFrom cash machines 1967

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1970s

The Royal Bank became the first British bank to offer a house purchase loan scheme to customersDirect Debitswere introduced

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Electronic payments

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1980s

First telephonebank launches First UK debitcard launched

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Mobile phonesFirst Direct 1 October 1989

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1990s

Cashback launched, allowing customers to withdraw money when doing their supermarket shopping1997 - Nationwide launches first Internet banking service1990 was the year for peak cheque usage. With 11 million cheques written in the UK per day

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Introduction of internet banking

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2000s

Introduction of first chip and pin credit and debit cardsContactless card transactionsLaunch of faster payments - which enabled internet and phone banking payments to be made almost instantaneously

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Mass use of mobile and introduction of smartphones

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2010 to now

Debit card expenditure on the high street exceeded cash spending for the first timeContactless bank payment accepted on the undergroundApp only Atom Bank launches

Launch of mobile banking,with the first apps allowing customers to check balancesBarclays launced Pingit, an app that allows customers to make instantaneous payments using mobile phone details

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To the point where its hard to remember not having and using a tabletTo the point we are now seeing how technology can power banks with no branches

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Basic expectations: Boring but critical...

Application process

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Tech is driving some basic but critical features of investmentAutomating processes

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Basic expectations: Boring but critical...

Financial planning

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Providing tools to support planningNot just planning but increasingly getting investors to think in terms of their goals

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Basic expectations: Boring but critical...

Reports

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Simplifying reportingMoving away from the mounds of paper

But recognising there is still a need for paper!

Technology can be seen a focusing on driving down costs in itself no bad thing - but should also been seen as a facilitator of growth

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Embracing the virtual worldAtom Bank launched in April 2016UKs first bank built exclusively for mobileEasy to use and quick to openBiometric logins, AI customer serviceTransforming the banking landscape

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The way tech is used variesIn some organizations, such as Atom Bank, it is core to their existenceWhat makes it so interesting to me is the breadth of tech

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Making planning come alive!

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As I touched on, goals based planning is steadily gaining momentum.

In US, it accounts for 50%+ and expected to rise over next 3 years to 65%

I see technology as playing an important role not just in the physical creation of a plan but in stimulating and engaging clients in the investment process

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Integrated Approach to Powering your client propositionDigitalOfferingParity

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Reminded of a great line from one of my former EY colleagues

Marcelo Fava

Not sure he came up with it but it resonated with me.

One Kitchen Many Restaurants

Lots of surveys out there will be differences and exceptions but broadly they are saying the same thing

Technology will play a greater role in future of investments

Frequently cited topics include;Anywhere, anytime, any device accessIntegration across all channelsImproved planning toolsEnhanced analystics

All rated highly in a Roubini survey on future tech requirements

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Clear graphics & clear messages, drivers for communication.

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Big area for me is excellence in communication

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Digital advice delivery

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Going back to the one kitchen many restaurants, we see this playing out in the way advice is delivered to different segments

Interaction and engagement can be tailored to reflect different preferences, styles and understanding

Technology allows the delivery of consistent investment processes but delivered in very different ways

Were already doing this with clients in Australia

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Video and call enabling

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In the Roubini survey I mentioned early, the biggest shift in activities enabled through digital developments was for visual collaboration

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Market landscape

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So will Artifical intelligence put all advisors and investment managers out of work?As weve seen last year and this, human behaviour can be very hard to determineThat said, technology is evolving very fast

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Digital advice

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Digital advice

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Lifestyle Goals andCash flow planningAchieving client engagement

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So will Artifical intelligence put all advisors and investment managers out of work?As weve seen last year and this, human behaviour can be very hard to determineThat said, technology is evolving very fast

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Ability to articulate goals based planning to your clientsPlans are nothing; planning is everything." Dwight D. Eisenhower

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The way tech is used variesIn some organizations, such as Atom Bank, it is core to their existenceWhat makes it so interesting to me is the breadth of tech

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Multi media - gamificationClient Online accessFactfindATRGoals planning / What if scenariosCashflow toolsDocument store/ Secure messagingCAMP / Trusted AdviserEngaging the client in the process

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The Advice Journey

LeadLeadsCampaigns

AdviceSuitability Fund FactsheetAnalyticsSolutionCashflowAnalysisStochastic ModellingRetire and InvestPension analysis

KYCGoals and ObjectivesFactfindATRID&V

Diary, Workflow and Communication

ImplementationApply OnlineInvestment Hub

RevenueE-revenueInvoicingOngoing ServicingService BenchmarksReviewsDocumentationTime TrackingValuationsDatafeeds

CaseCase ManagerAudit SamplerAudit QuestionnaireComplaintsT&C

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Panel Debate

Q&A

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So will Artifical intelligence put all advisors and investment managers out of work?As weve seen last year and this, human behaviour can be very hard to determineThat said, technology is evolving very fast

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Technology and the Paraplanner perspective

LeadLeadsCampaigns

AdviceSuitability Fund FactsheetAnalyticsSolutionCashflowAnalysisStochastic ModellingRetire and InvestPension analysis

KYCGoals and ObjectivesFactfindATRID&V

Diary, Workflow and Communication

ImplementationApply OnlineInvestment Hub

RevenueE-revenueInvoicingOngoing ServicingService BenchmarksReviewsDocumentationTime TrackingValuationsDatafeeds

CaseCase ManagerAudit SamplerAudit QuestionnaireComplaintsT&C

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Thank youlinkedin.com/in/colinsloss@Colin_Sloss

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