The financial advisory landscape is undergoing a significant transformation driven by increased regulatory, technological, and client service demands. Benchmark CEO Ed Dymott and commercial director Gillian Hepburn hosted a roundtable to discuss these changes, focusing on findings from Benchmark’s Annual Adviser Survey conducted in April. The survey revealed that regulation remains a primary concern for advisers, particularly with the introduction of Consumer Duty. This new regulation has intensified the burden on advisers, diverting time from client services and increasing the need for enhanced support systems.
Implementing Technology to Meet Regulatory Demands
Medallia’s Role in Enhancing Customer Satisfaction and Compliance
One of the significant responses to these challenges has been Benchmark’s adoption of Medallia’s customer satisfaction and compliance tool. This advanced technology is designed to collect real-time client feedback, allowing advisers to evaluate fair value under the Consumer Duty. By leveraging this tool, advisers can identify firms that clients perceive as valuable and pinpoint areas needing improvement. The primary aim of Medallia’s tool is to boost service quality and foster client retention, aligning closely with advisers’ growing focus on these areas.
The real-time insights provided by Medallia help advisers stay ahead of regulatory requirements while ensuring client satisfaction remains high. This not only fulfills the regulatory demands but also empowers advisers to offer a more tailored and responsive service. In an era where meeting client expectations is paramount, such tools become invaluable assets. By using Medallia, financial advisers can save considerable time that would otherwise be spent on manually gathering and analyzing client feedback, thereby allowing them to focus more on strategic initiatives.
Proprietary Technologies for Operational Efficiency
In addition to adopting third-party tools like Medallia, Benchmark has introduced an array of proprietary technologies over the past year to enhance operational efficiency. These innovations include a mobile app, digital onboarding processes, and digital annual reviews. By streamlining these processes, Benchmark aims to free up advisers’ time, enabling them to engage more deeply with clients and address the increasing demand for advice.
The introduction of a mobile app allows for greater flexibility and accessibility, enabling advisers to manage their tasks on the go. Digital onboarding processes simplify the initial stages of client engagement, reducing paperwork and administrative overhead. Digital annual reviews keep the advisory process transparent and up-to-date, ensuring clients are continually informed about their financial progress. Together, these technologies represent a step forward in creating a seamless and efficient advisory process that benefits both clients and advisers.
Strategic Partnerships and Growth
Comprehensive Services and Training Programs
Benchmark’s commitment extends beyond merely assuming regulatory responsibilities; it aims to offer a comprehensive range of services and training programs to support advisers. Ed Dymott emphasized that the goal for 2024 is to save advisers at least one hour per client annually, which equates to about 20 days of effort. This ambitious target is designed to help close the advice gap through the academy’s training programs, equipping advisers with the necessary skills and knowledge to serve their clients better.
By investing in training and technological solutions, Benchmark seeks to pass the generated value onto clients, thereby fostering industry growth. This holistic approach helps advisers manage their workload more efficiently while ensuring compliance with regulatory demands. The enhanced focus on client engagement and satisfaction serves as a cornerstone for sustainable growth, positioning Benchmark as a leader in the evolving financial advisory landscape.
Positive Business Growth and Long-term Planning
The financial advisory field is witnessing profound changes due to heightened regulatory pressures, advancing technology, and evolving client service expectations. Ed Dymott, CEO of Benchmark, along with Commercial Director Gillian Hepburn, recently hosted a roundtable to delve into these shifts. Central to their discussion were insights from Benchmark’s Annual Adviser Survey, which took place in April. One of the standout findings from the survey was that regulation remains a major concern for advisers. In particular, the introduction of Consumer Duty has heightened these worries, placing additional demands on advisers. This new regulation requires significant time and resources, effectively reducing the time advisers can dedicate to client services. Consequently, there is a growing need for improved support systems to cope with these regulatory requirements. The roundtable highlighted the industry’s need to adapt to these changes while ensuring advisers can continue to offer high-quality client service despite the regulatory burdens.
