According to the report, the main barriers to change included the lack of solutions to the problem of integration and re-keying as well as, the irrelevant use cases from some new entrants in the market.
Respondents said they wanted incumbents to solve existing problems and are “actively horizon scanning” for new players that offer solutions.
An operations director, said: “I am of the idea that tech can free up a load of time to do all of the heavy lifting and the stuff that we don't really add value to and quite frankly, the job satisfaction is not the same as being able to do the things that make a difference to our clients.
“If we told clients how much time we spend moving stuff from one place to another they’d be shocked. Personally, I sit on the side of wanting lots of change. And that makes me really excited. But I think bringing everyone in the firm along on that journey can be quite difficult.”
According to the report, advisers were turning to solutions that offered reduced business risk, fast track for fact finds and suitability, clear solutions delivered by tech and confidence in support services that underpinned the offering.
AI adoption
In terms of the use of AI by firms, a third of professionals said they were using it in their business, up from 6 per cent just a year ago.
According to NextWealth, AI scepticism declined “markedly” with the share that said they were not using AI and it was not fit for purpose dropping from 29 per cent last year, to 7 per cent.
The majority of advisers (52 per cent) continued to be in the “interested but wait and see” category when it came to AI adoption.
“I'm a sole practitioner, in an industry of firms which are probably 90 per cent bigger than me, I'll let them make the mistakes. And I'll just navigate it myself.
“Do I need to be leading the charge, or do I just need to be aware of what I'm interested in?” one respondent said.
alina.khan@ft.com
