Some have gone a step further, predicting there will be less demand from clients to meet in person from now on, boosting the industry’s capacity when the advice gap is greater than it has ever been.
To support advisers in a more digital environment, we have expanded the online processes on our platforms and automated certain functions to reduce the need for paperwork.
For example, we now allow scans or photographs of client signatures. Looking ahead, advisers embracing technology during this crisis have bolstered our intention to give advisers and their clients even more control online.
Now, a move to more a digital way of thinking has been in the advice industry’s rear-view mirror for some time.
Automated services and digitally-enhanced solutions are poised to increase the availability and appreciation of financial advice.
If Covid-19 has accelerated this leap forward, we need to remember to pause and make sure we do not lose vital ingredients of our industry’s success in the process.
In the end, technology can only go so far. Personal relationships are a cornerstone of our industry, they always have been and always will be.
No matter how advisers way of doing business might change in the future, the human touch and the need for exceptional client experiences will remain a constant.
2020 marks five years since the introduction of pension freedoms.
Thinking about that time now, I am encouraged by how our industry adapted to the challenges such a radical change in the rules presented and thrived.
I am confident we will show the same resilience as the way we do business continues to evolve, both in the current climate and beyond.
Noel Butwell is chief executive of Standard Life Savings
