Your business shouldn't be limited by your platform
Advice businesses should be made more efficient with technology. Processes should be simplified, administration burdens eased, and there should be more opportunities for high-quality client engagement. Too often though, advice businesses are having to adapt to what their platform technology can deliver, leading to a reduced advice proposition or the adoption of multiple systems and manual processing to deliver the service they want to their clients. This introduces inefficiencies and is likely to limit the business' potential for future growth.
It's no secret there are many challenges to advice firms, but your platform partner shouldn't be one of them. As your business grows, efficiency and flexibility will be important in successfully scaling your business for tomorrow's investors. As will a platform partner that can take your business to the next level. A next-gen wealth management platform includes simple and consolidated reporting of all investment assets (including custody and non-custody); broad investment choice with ease and flexibility to make changes; tailored solutions for every kind of investor; administrative accuracy and efficiency; and the benefit of platform scale in the form of very competitive fees at all levels.
So how can you ensure your business won't be limited by your choice of platform partner? We've outlined six key criteria you should consider when choosing a platform partner:
6 considerations when selecting a platform partner
It’s important to have a clear idea of what you want to achieve in your business, now and in the future. By defining your value proposition and having a clear strategy for how you want to engage with your clients and the service you want to offer, you will be better able to select a platform that can help you meet your objectives. So what are some of the key considerations when choosing a managed accounts platform?
1. Strategic alignment
The platform you use should be reflective of how you want to run your business, now and in the future. Considering the values of the company you are partnering with and their philosophy will help to ensure your platform of choice is strategically aligned with your own business values and direction.
2. Scale
Does the platform provider have robust, scalable and innovative technology designed to run managed accounts and pass on the benefits of growing scale to your clients?
3. Clients
Will the platform enable you to meet the needs of all or at least most of your clients? Will it provide you and your clients with a holistic view of their total wealth? Can it facilitate all types of investments that your clients will want to invest in now and in the future including custody and non-custody solutions and tailored ESG considerations? And importantly, does it allow your business to offer an innovative and professional looking digital service that will enhance your client engagement.
4. Best interest
In today’s environment, you want to ensure that the platform you are choosing for your clients meets your best-interest duty. Competitive pricing is important but that shouldn’t be the only consideration. Does the platform support outsourcing and provide broad choice, features and functionality to underpin strategic advice strategies?
5. Growth
You don’t want your business to be limited by your platform’s functionality. Can the platform support a growing client base and range of advice models, retention strategies and your service model?
6. Professional support
Finally, you want to ensure you have the right support to get the most out of the platform. What is the onboarding and account management programme and what ongoing education and training are offered?
With the right technology partner, your business can go from strength to strength. Giving considered thought to this partnership as a strategic decision aligned with your business values and goals will also ensure your business remains sustainable, growing and relevant into the future.