The AdviserTech Show

moneyinfo

The monthly podcast brought to you by moneyinfo, the client portal & mobile app supplier for financial advisers and wealth managers.  The AdviserTech show is designed to help address the challenges of the 21st century adviser. Each month, we invite a special guest to talk to us about current topics affecting their area of expertise in the AdviserTech space. If you have any suggestions for future episodes or general feedback, get in touch with us by email at support@moneyinfo.com, or tweet us @moneyinfotech . read less
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Episodes

From Pensions to Pixels | Dan McMahon from Hyman Robertson | S3 E5
Dec 14 2023
From Pensions to Pixels | Dan McMahon from Hyman Robertson | S3 E5
In this episode of the Adviser Tech Show, moneyinfo’s Managing Director Tessa Lee engages in a captivating conversation with Dan McMahon, the Head of Technology and Innovation at Hyman Robertson Personal Wealth. “The only way you’re going to close the advice gap is if tech is doing more and more of the heavy lifting, so that’s really my mission as head of tech in this space”, Dan shares his unconventional journey from pension administration to becoming a tech and innovation leader, and the vision he has that goes along with it. Dan and Tessa delve into the challenges of data management in pension administration, and both recognise the familiarity of too much paperwork and administration-heavy processes in both of their industries. This leads the discussion on to the significance of integration, both within the tech ecosystem and with partners, emphasising the industry's gradual shift towards streamlined processes. The episode explores moneyinfo’s role in automating workflows, enhancing the client onboarding experience, and facilitating straight-through processing. Dan emphasises the importance of technology in empowering advisers and creating efficiencies, showcasing the journey from manual processes to digital fact-finding and beyond. The conversation takes an exciting turn as they touch upon the growing role of artificial intelligence in the financial advisory space. Dan shares insights into their exploratory work with Microsoft's open AI service, envisioning AI as a tool to support advisers in document navigation, compliance checks, and client interactions. Don't miss out on this insightful episode of The AdviserTech Show! Stay tuned for more engaging conversations at the intersection of finance and technology!
Regulation Innovation | Henry Cobb on Navigating Change | S3 E4
Nov 24 2023
Regulation Innovation | Henry Cobb on Navigating Change | S3 E4
In this episode of The AdviserTech Show, Tessa Lee, the Managing Director of moneyinfo, sits down with Henry Cobb, Founder and Head of Research at Elston Consulting, for an insightful exploration of the financial services industry. Henry unfolds his journey from a guide analyst at Schroders to the visionary founder of Elston Consulting in 2012. Motivated by anticipated regulatory changes such as RDR and Auto Enrolment, Henry's mission was clear: to craft low-cost multi-asset investment solutions empowering advisers to adeptly navigate industry shifts. Elston Consulting operates at the core of portfolios, funds, and indices. Henry details Elston’s  commitment to empowering advisers, emphasising not just outsourcing but insourcing. This unique approach ensures advisers retain strategic control, brand integrity, and compliance with evolving regulations. Tessa and Henry delve into the cultural changing landscape within the industry, stressing the significance of active thinking regarding asset location. They explore Elston's pivotal role in helping advisers document and evidence their value statements in harmony with regulatory changes. Henry unravels Elston Consulting's mission, showcasing success stories of aiding larger advice firms in scaling up their propositions. Don't miss out on this insightful episode of The AdviserTech Show! Tune in for an enriching discussion that unveils the past, present, and future of this dynamic industry.
What’s keeping financial advisers awake at night? | Matt Jeffery from Alpha FMC | S3 E3
Nov 10 2023
What’s keeping financial advisers awake at night? | Matt Jeffery from Alpha FMC | S3 E3
How does Matt Jeffery know so much about the things that keep advisers awake at night? Being a Senior Manager at Alpha FMC, Matt has a broad knowledge of the pressing challenges that financial advisers face day-to-day. In this insightful episode of The AdviserTech Show, Matt and Tessa delve into the intricacies of adviser tech, highlighting transformative strategies and insights that not only address current industry concerns but also shed light on the ways advisers can improve their sleep. Joking aside, Alpha FMC is a leading global provider of specialist consultancy services to the financial services industry. Matt describes the journey how he got to be Senior Manager, and delves into the wealth of knowledge that has formed his unique insights and understanding of being the adviser’s adviser. The conversation delves into Alpha FMC's role as a full-service management consultancy, addressing strategies, client experiences, and technology transformations. They hit on the industry's tech challenges, discussing integrations, and Tessa highlights the industry's momentum towards solving problems collaboratively. ...And what is a modern podcast without mentioning AI and machine learning? Matt and Tessa discuss the power of data analytics, improving compliance, and suitability report creation. A Friday the 13th conversation without mishaps! Dive into this engaging episode for more insights on the evolving tech landscape in financial advice.
Ruth Handcock on Transforming the Advice Industry | Octopus Money | S3 E2
Oct 26 2023
Ruth Handcock on Transforming the Advice Industry | Octopus Money | S3 E2
Ruth Handcock, CEO of Octopus Money, takes the spotlight in an enlightening episode of The AdviserTech Show. Ruth talks to moneyinfo’s Managing Director, Tessa Lee, about her diverse experience, including running Octopus Investments and setting up a challenger bank. She also mentions the prevailing issue of the advice gap within the financial sector, and Octopus Money's mission to provide access to financial help and guidance for everyone, particularly partnering with employers. Ruth's insights shed light on the evolving landscape of financial advice, offering valuable perspectives on how to navigate the changing industry. Her extensive experience, including running Octopus Investments and establishing a challenger bank, provides a unique and seasoned viewpoint that can help you stay ahead in a rapidly changing environment. Ruth highlights the reality: traditional financial advisory services predominantly serve those with substantial assets, leaving a significant portion of the UK population underserved. Octopus Money is committed to rewriting this narrative. They've pioneered a distinctive approach that harmonises technology and guidance, making financial assistance accessible to everyone. Their strategic alliance with employers is a critical component of this mission. Tune in to this episode of The AdviserTech Show to gather knowledge on the latest industry trends, understand Ruth’s vision for the future of financial advice, and gain valuable insights into how to improve your services.
A Journey in Finance | Insights from the Verve Group | S3 E1
Oct 12 2023
A Journey in Finance | Insights from the Verve Group | S3 E1
Cathi Harrison, CEO of the Verve Group joins moneyinfo’s Managing Director, Tessa Lee on the first episode of Season 3 of The AdviserTech Show. Cathi shares her journey in the financial services industry, a path she found when her curiosity was piqued by a friend's inheritance and the need for financial advice. Despite not initially studying finance, Cathi started her career as an administrator at a financial advice firm in 2005. Over the years, she evolved into a paraplanner and eventually ventured into entrepreneurship, founding multiple businesses. Cathi’s journey led to the creation of the Verve Group, a consolidation of various businesses, each offering essential support to financial advisers. She discusses the challenges and complexities of merging these entities into a unified organisation, highlighting the importance of shared technology and streamlined processes. The result is a “one-stop shop” for advice firms, providing comprehensive support for businesses of all shapes and sizes. Cathi also emphasises the evolving nature of the financial services industry, where firms are increasingly adopting a business-first approach, focusing on infrastructure, operations, and profitability. She believes that embracing change and innovation is essential in this dynamic environment. Beyond her role at the Verve Group, Cathi discusses her involvement with the Verve Foundation, a not-for-profit organisation aimed at promoting careers in financial planning and advising. She acknowledges the need for greater awareness of these career paths and the benefits they offer, especially among young professionals and career changers. In closing, Cathi offers insights and encouragement for individuals looking to enter the financial services industry or embark on an entrepreneurial journey. Both Cathi & our moneyinfo MD Tessa Lee emphasise the importance of creating a safe and inclusive environment for everyone in the industry, particularly women and underrepresented groups. Cathi believes in challenging the status quo and working collectively to build a more diverse and innovative financial sector. This podcast episode provides valuable insights into Cathi Harrison's inspiring journey, the evolution of the Verve Group, and the changing landscape of the financial services industry.
How to navigate through a moving landscape | Essential technology for Financial Advisers and Wealth Managers | S2 E5
Oct 12 2023
How to navigate through a moving landscape | Essential technology for Financial Advisers and Wealth Managers | S2 E5
Matthew Clark gives an insight into the different opportunities that have arisen from the tools that financial technology has to offer on how to best serve clients looking to pass on their wealth. In this podcast episode, Matthew discusses the ways Old Mill have tackled challenges that come with intergenerational wealth planning, especially in the current fast changing landscape amplified by the impact of Covid and the rapid pace of developing technology. Old Mill help clients all the way through their journey from wealth accumulation, to decumulation, and into the next generation. As technology has progressed, Old Mill have adapted their business processes to best service their clients in bringing the next generation along, and Matthew is here to give some great insights on the technology involved that is most suitable for the job. Communicating regular touch points with clients, involving them through workflow processes, signing documents quickly and effortlessly are all processes that need to be made as efficiently as possible. Matthew discusses low hanging fruits that can be made to spend less time on bulky administrative tasks, and also offers insights on upping your client engagement, giving your business direction and increasing efficiency. Do you think you’re a forward-thinking firm? Find out if you truly are with this podcast episode which serves as a checklist for financial firm members who want their business to prosper. Matthew Clark, Operations Manager for Old Mill, is responsible for looking after adviser technology including the back office system, CRM, client portals, and all the processes that are involved. Louise Wallis, Head of Client Services at moneyinfo, spoke to Matthew for a quick chat on intergenerational wealth and how tech can help to smooth the transfer of wealth between generations.
Connecting in the most positive way | Advice firms controlling their platform experience | S2 E3
Jun 2 2023
Connecting in the most positive way | Advice firms controlling their platform experience | S2 E3
David Ferguson chats to us about his early experiences of dealing with tech companies, including moneyinfo, and knowledge obtained of 10 years in his time as founder and CEO of Nucleus Financial Group. David believes platforms shouldn’t have a ‘walled garden’ around them, and although it’s not a widely held view, no one system can do everything … for everybody! In this episode David talks about how any avenue platforms could take to benefit their clients should be explored. “People that are doing interesting, helpful things, should be able to connect to each other in the most positive way”. Moving on to David’s new chapter as CEO, he talks us through his motivations for joining SECCL which were around their fresh approach to being something new in the sector, and the concept of becoming an embedded platform which can plug into any number of user journeys on the front end. Sim and David discuss how most corporate type platforms which have massively complicated infrastructures were built in the early 2000s, and although they’ve evolved, they were initially built on legacy tech. The cost of upgrading these systems over time becomes prohibitive to innovation, but SECCL is proving to be a welcome alternative, being built from the ground up with customisation at the heart of their proposition. David is CEO at Seccl and was previously the founder and CEO of Nucleus Financial Group, the financial adviser platform that he led to £20bn in assets under administration (AUA) prior to stepping down in September 2022. In addition to being a well-known and highly respected figure within the UK’s adviser community, David is also a passionate technologist and supporter of fintech – having served as Chairman of FinTech Scotland and Fintech Envoy for HM Treasury. Sim and David discuss how some high end firms are still using antiquated tech to power their digital experience. For example, requiring wet signatures should not still be practised, and clients and firms should be striving for something better. SECCL is powering firms to deliver that modern, connected, client experience.  Tune in to this episode to hear David and Sim Sangha, our Business Development Director discuss how SECCL are truly an API first proposition, allowing firms to build any client journey on top of whatever systems want, and how you always have to consider, control vs compromise, low fees vs high fees, and analogue vs digital.
65 is the loneliest number | How to be a financial adviser that won’t get left behind | S2 E2
May 11 2023
65 is the loneliest number | How to be a financial adviser that won’t get left behind | S2 E2
The task of connecting with the next generation of clients is a necessary challenge for Advisers who don’t want to get left behind. It’s also a job that Rob Tedder, UK Account Manager for Conquest Planning, is familiar with. Rob’s goal is to get every client with a live financial plan that they interact with and understand the output.  “If a business isn’t interacting with a multi-generation of clients then they’re absolutely missing a trick.” There is still a large amount of Advisers who are reluctant to adopt and embrace digital technology when advising clients. However, neglecting to adopt multi-generational planning into your strategy may be more than just missing a trick, and could consequentially lead to being left behind as an adviser. 65% of the next generation will not work with their parents’ Financial Adviser after their wealth has been passed down. This means millennials will work with a different adviser to their current one simply because they don’t have a pre-existing relationship. In this episode of The AdviserTech Show we delve into the barriers advisers have set themselves by not promoting digital adoption, and how you can avoid being one of the of Advisers who are on their way to losing another client. Rob kicked off his career journey with an unconventional background in studying food at University, before making his first entrance into the financial industry with pension administration work. His passion is helping advisers and firms engage with technology to improve their business practises. Tessa and Rob dispel the myth that the older crowd won’t use mobile technology, and it’s actually doubts of the adviser that create a barrier when it comes to digital adoption. One of the reasons for this resistance is the belief that clients will bombard advisers with the new technology and plans they don’t understand. Tessa is adamant that technology would actually overcome this issue. Whilst using traditional methods of communication would lead to hundreds of phone calls a day for advisers who have clients with queries, digital forms of communication overcome this, as they allow bulk messages and push notifications to give clients a full, quick and easy explanatory rundown. Listen to this episode to hear moneyinfo’s Managing Director, Tessa Lee, speak to Rob Tedder about how tech can be used to bring the client more into the planning process, and how tech can drive efficiencies within financial organisations.
The gale of creative destruction | What Adviser Technology is lacking | S2 E1
Apr 26 2023
The gale of creative destruction | What Adviser Technology is lacking | S2 E1
Abraham Okusanya discussed how he has seen financial planning business process change over the years, the impact that technology like Timeline has had on the adviser technology market, and the next steps for the industry. In particular, Abraham states that the main differences he has seen over time is that advisers are caring less about the investing side of business, and more about developing a plan and healthy relationships with their clients.  Abraham Okusanya is the founder and CEO of Timeline, a financial technology company on a mission to help millions of people plan, invest and retire with confidence. In 2018, Abraham recognised a lack of technology in the financial advice sector, and so founded Timeline, whose mission is to create best of breed technology that helps advisers plan, invest and deliver advice to their clients. After a decade of consulting for some of the best and brightest financial planning firms, Abraham came to the conclusion that financial advice technology is lacking. “Old, outdated, and creaking at the seams.” Abraham isn’t scared to say that technology in the financial sector is lacking modernity, as advice technology components such as the platform, the CRM and Cashflow are “built on an infrastructure that is pre-digital age.” “I am convinced that the gale of creative destruction is going to sweep the platform market unless the incumbent sit up and really start pulling their weight”… Abraham warns of the upcoming demand for tech leaders to adopt efficiencies with reporting and communication processes… or else!  Tune in to this episode of The AdviserTech Show podcast hosted by moneyinfo’s MD Tessa Lee, as she speaks to Abraham Okusanya about how integration has the ability and potential to push efficiencies with reporting and communication processes, and the barriers that are stopping it from happening right now.
Ep 23: The Consumer Duty All-Stars
Nov 10 2022
Ep 23: The Consumer Duty All-Stars
The Consumer Duty All-Stars featuring moneyinfo, Money Alive, and Model Office In this episode of the AdviserTech Unplugged podcast hosted by moneyinfo’s MD Tessa Lee, we were joined by guests Andy Kirby Director at Money Alive, and Chris Davies Founder of Model Office to discuss how their technology can support financial planning and wealth management firms to meet their Consumer Duty obligations.  To learn more from the presenters, register for AdviserTech Live 8: https://www.moneyinfo.com/events/advisertech-live-8 Chris Davies kicks off the episode by talking about Model Office, their RegTech platform that helps firms with three things; governance, risk, and compliance. They discuss how they help financial planners and advisers to benchmark themselves against all the rules and regs in one place. The AI driven dashboard then allow users to view where they believe they are, compared to where they actually are, automating the diagnostic phase where firms need to work out what they've already got, and what they need to do, and automating the gap analysis at audit stage. Andy Kirby describes how Money Alive was established in 2018 to change the way financial professionals educate their clients, by creating a platform that empowers firms to engage their clients and prospects with interactive video experiences on financial services topics. Andy reinforces the fundamental point that Money Alive was created to address the statement 'does a client truly understand'? Andy describes how the individual evidence trail is produced at the client, adviser, and firm levels. Tessa then explains how moneyinfo is a branded client portal and mobile app that helps firms to deliver game-changing client engagement for forward-thinking, ambitious firms, helping them to deliver their services digitally, improving their profitability, build client loyalty,  increase efficiency, and deliver compliance confidence which is incredibly important when considering your consumer duty obligations. Tess reminds listeners that the podcast episode is followed by our Consumer Duty event at AdviserTech Live in November 2022. Join us at this complimentary event to hear more from each of the presenters from moneyinfo, Model Office, and Money Alive, and take a look under the bonnet of each piece of tech in some live demos. Register for AdviserTech Live 8 here: https://www.moneyinfo.com/events/advisertech-live-8 Tune in here:
Ep 22: Turning around business quicker feat. Wendy Fisher, Progeny
Oct 19 2022
Ep 22: Turning around business quicker feat. Wendy Fisher, Progeny
In this episode of the AdviserTech Unplugged podcast hosted by moneyinfo’s MD Tessa Lee, we were joined by guest Wendy Fisher, Regional Manager at Progeny to discuss the processes of adopting and implementing new client facing technology in a progressive and expanding planning firm with big aspirations. When Progeny adopted moneyinfo right at the start of the pandemic, they had to think on their feet. Wendy explains the implementation process, and how she tackled the challenge of getting buy-in from all internal stakeholders in the business; by offering continual training, making the portal part of every touch point with clients, and engaging the moneyinfo support team to understand the inner workings of using the functionalities of the portal. When Progeny initially launched their portal, they bulk uploaded 2000 clients in the first 24 hours which demonstrated they had big intentions and were going to be a real trailblazer for moneyinfo longer term, showing how the roll-out of a new piece of tech can be carried out over a much shorter timeframe than may be anticipated. Tess and Wendy discuss Progeny’s newly published survey: ‘Planning to Pass it On’, which explores the multi-generational transfer of wealth, the future of wealth technology, and giving access to clients’ children’s information, allowing family groups to plan for the future. Progeny conducted the survey as they wanted to understand more about the plans people have around inheritance and intergenerational wealth transfer, how they communicate about it, and how they feel about what is often a very emotive subject. They asked three generations (Baby Boomer, Gen X, Millennial) about their attitudes and expectations for receiving an inheritance or gifted wealth and how important this may be to their financial outlook. The key findings were really insightful and focus around five areas: intentions around wealth transfer; communication; emotion; expectation; and aspiration. They found that the majority of people are intending to leave an inheritance or pass on money to the next generation but beyond this, very few – only 17% - had a formal plan to do so. And only 3% had worked with a financial adviser on this. Tune in to the next insightful episode of the AdviserTech Unplugged podcast to fully explore these interesting topics in more detail and get a detailed summary of the ‘Planning to Pass it On’ survey findings.