Providers: Feel free to continue shovelling sh** through adviser’s letterboxes
There’s a technical term I use when describing the current state of the advice, platform and wealth tech stack in the UK: It’s a pile of poop. Applications are decades old, have total disregard for the user journey, and don’t even get me started on APIs. I mean, could any of these systems actually talk to each other?!! But don’t worry, I’ve got a plan to get us out of this mess.
Why aren’t advisers getting the tech revolution everyone else is enjoying?
A lack of disruptive capital, for a start. I can count on one hand the number of venture-funded adviser and WealthTech products introduced into the market in the past five years. Meanwhile, venture capitalists are queueing up to throw money at D2C fintech.
Why is this? Well, advisers don’t matter. They aren’t important. At least not to providers.
What really matters is the age-old dance that ageing executives like to do. They love taking the billions in private equity that flows into the advice, wealth and platform space, and using it to fund their favourite hobby: Mergers and acquisitions. The idea of leveraging technology to create value for advisers and clients has probably never occurred to these people.
Why should it? When you’re collecting in the region of £7bn every year through platform and investment management fees on the £600bn in assets you manage – while doing very little to earn it – the last thing you want is to introduce change into the equation.
There, I said it. Someone had to.
The amusing thing is, they probably haven’t even noticed the revolution is already underway.
It’s time to flick the ticks off your back.
Crap tech doesn’t just annoy and frustrate, it costs advisers like your time and money. It slows you down, reduces the number of clients you can service and ultimately eats into your bottom line.
That’s why we built Timeline, to give advisers great end-to-end planning technology. We designed it with your needs in mind and went from there.
Could we find a way to reduce the amount of time advisers have to spend creating annual reports? Yes. We’ve turned half a day’s work into a few clicks of a button.
Could we give our advisers a simple way to create reliable forecasts? Yes, absolutely. And while we were at it, we also created a one-click option to turn that data into easy-to-understand graphs that will reassure and engage clients too.
Can we also throw in a digital fact finder that makes onboarding more about creating bonds with clients than sorting admin? Of course, we can because advisers matter to us.
You can try Timeline for free, and then subscribe if you decide it lives up to our bold promises. That’s how tech should be in this day and age. In fact, nowadays we even throw in Timeline for free when you start using our managed portfolio service, Betafolio.
More and more advisers are jumping across to this low-cost MPS. In the two years since launch, we’ve gone from zero to nearly £1bn in managed assets. And that’s just the start.
It’s thrilling that there’s such a huge appetite out there from advisers to work with a better, cleaner and leaner tech stack.
It’s a win for us, of course, but the real win is for our advisers, who can now focus more effort on creating an unrivalled customer experience for their clients. After all, clients are the reason our whole industry exists. Something providers forgot long ago, and they’ve been dragging us all down ever since. Now I invite you to repay the favour, by moving your clients’ assets to a better home and consigning those providers to the dustbin of history.