I frequently get asked to talk to groups of advisers about technology and what it can do for them.
While my focus is substantially on how technology will change the way we work in the future, our AdviserSoftware.com team spend considerable time reviewing what current systems can do and how they are evolving, so I obviously have a view on existing offerings.
At one recent session a delegate asked what system would I buy myself if I was running an advice business.
My response, much to the frustration of the questioner, had to be that it will depend entirely on the target audience and the advice proposition I was seeking to deliver. Suggesting a system without any analysis of the user’s needs would be like recommending a pension without any background information whatsoever.
There are many important issues to consider. A company's client proposition and the services businesses wish to prioritise will be key factors.
Another factor to consider is the software used by the business and depth of integration with each system; which practice management systems offer the most detailed integration into your preferred platform partners?
At the risk of stating the obvious, when you are looking to bring any new technology into a business it is crucial to understand what your priorities are and what you really want the system to do for you.
In my experience, anybody who does not work out precisely what they want the new system to deliver will end up with a system they are not happy with. It may take time getting your requirements right, but that is much better than spending years regretting you bought the wrong system.
Technology salespeople are always very good at showing you the shiniest part of the system, but if that does not fix the issues you are keen to address then you are not going to be satisfied with that system.
While users really should work detailed priorities, the following are a few points that may help you build a shortlist of potential suppliers.
For most small adviser companies, the choice may be a straight comparison between the two largest systems in the market: Intelliflo Office and Iress Xplan. These are the most comprehensive mass market options. Plum is also worth a look as it has recently had a thorough overhaul and been rebuilt completely based on Microsoft Dynamics CRM. Plum does include a deep integration into its parent’s Praemium platform.
That said there are a number of new systems like Plan Happy and Elen which have been created by advisers who have not felt the established propositions deliver what they want. With new systems it is important to understand how much of their functionality is already available, what else is on their roadmap and when will it arrive.
