They are an increasingly rare beast but I know for a fact there are certain advisers active in the marketplace who believe because they use a computer they are somehow at the cutting edge of technology and utilising it in all ways possible.
Needless to say, this is simply not true and when you discuss the variety of ways in which they are failing to utilise technology, and the fact that their peers and competitors are using systems and processes which deliver so much, it is usually a rather chastening experience for them.
We’re not doing this to make advisers feel completely ‘out of the loop’ but just to open their eyes to the myriad of ways in which technology is being used to secure and complete business. Technology in this day and age does not simply mean sourcing system and those that equate the two are failing to get the most out of the progress that has been made and, as stated above, are probably falling further and further behind those who, at the very least, are using some of its capabilities.
At our recent Stonebridge Conference for our AR firms we held a panel debate with three owners who are currently operating at the top of their game. It was interesting to hear how they go about their everyday business but what perhaps hit home the most was the way they interact with, and use, our own Revolution system. As someone who is constantly involved in building and adding to the system, it was a rather proud moment to see features we had poured blood, sweat and tears into, doing the job and ultimately rewarding the advisory firm.
The advisers on the panel talked about how they used the system to develop introducer relationships and how the introducer area on the system provides a data feed but also keeps the introducer in the loop and provides ongoing tracking for their introductions. There was also a recommendation for the customer relationship management aspect of the system which can ultimately make the difference between keeping a client and watching them walk off into the sunset towards a lender direct or a competitor. The advisers were particularly enthused about the ability to data mine and to target those clients depending on their end of term, the deal they were currently on, etc.
All this goes to clearly show that not all technology and systems are the same – while many have similar features if you’re not actually fully integrated into that system or simply ignoring those opportunities, then you are never going to get the most out of them. I often feel that some advisers forget the importance of their existing client bank – housed within it is a wealth of opportunity not just for future mortgage business but in areas such as protection and GI, however there is often too much of a focus on bringing new business in and the existing clients are somewhat neglected.
A good system – and intelligent use of those functions – will mean that an adviser should never be in a position to neglect existing clients, and if they are doing so then it is wilful neglect and perhaps they should think about being in a different job. The point is that technology can make advisers’ lives that much easier – it can give them all the information they need and time it just right so that the existing client always remains an existing client. The system will never forget them, or fail to remember what deal they are currently on, when it ends, and the key protection and insurance cover they do and don’t have. And this fact should be an absolute boon to every single adviser using it.
Therefore, my express wish for advisers in 2015 is to fully explore the capabilities of your current system and make sure you are using them to their maximum. And also to conduct some research into the other options available in the market – it may well be that your system is not currently doing all it could be and therefore perhaps you might have the option to move. I suspect that, much like our use of our own brains, we are probably not using our existing systems to anything like their full capacity and therefore with some simple application there are opportunities that can be seized rather than missed. Undertake this work and I guarantee that by this time next year, you will be feeling the benefits and wondering why you didn’t make your system work harder, sooner.
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