For instance, having two-way integrations that allow your back office system to send data to and pull data from your platform, can make a huge difference to your adviser's efficiency.
Two-way integrations allow for more tasks to be automated, removing a lot of routine administration from the advice process and giving you more time to focus on your clients.
What to consider when selecting technology
So what do you need to think about when designing, or adding to, your technology stack?
The pandemic brought home the true inefficiencies of working from systems that are not joined up.
In the new normal, advice businesses need solutions that are securely accessible from any location and device, can be easily integrated with other tools and can share information directly with clients.
You want to be able to key in client data once, and then use it for multiple purposes, so that you know the information is accurate, wherever you access it in your systems.
APIs now deliver a strong foundation to build the deeper integrations that are seen as the holy grail in streamlining the advice process.
Ensuring that your back-office provider offers open architecture solves part of the problem, but you also need the other systems in your technology stack to make best use of that architecture to share the necessary data and functionality seamlessly.
If you are starting with a fresh sheet of paper, you may decide that using a core technology partner with existing, proven third-party integrations is the best way to go.
However, most IFAs are not in a position to build a new technology ecosystem from the ground up.
When you are adding or changing a solution within a multi-provider technology stack, it is important to consider the business or client need that it will meet and what information it will need to share with the key systems and tools you are already using.
You need to fully map out the necessary connections between your different systems throughout your process so that you understand what integrations are needed. You should also consider the security requirements of each integration.
Full integration, which will really drive efficiency, requires collaboration from all parties to work effectively.
You might need multiple connection points between two systems to make sure you are getting all the data you need in and out.
Beware of settling for partial integrations with additional manual workarounds as they will reduce productivity and limit the benefits of adopting the new system.
If the integrations are delivered by a provider, be vocal when connections are not working as you want and ask for additional data points if you need them to share information across your systems.
