In a nutshell
We believe in the power of advice over guidance, and its role in delivering the very best client outcomes.
We believe that advice can be part algorithmic rather than purely individualistic, and see this as the basis for automation without compromising suitability.
We see the scope for parallel use and combination of a core investment advice engine, other product advice engines and simpler product curation – providing a ‘whole of life’ solution within and across different client need areas, products and services and tax wrappers.
Done properly, we see all of this as a means of maximising compliance and conformance across even the most eclectic client base.
We see too the need to enhance the client experience in such a transition, bringing it into line with higher expectations set in other sectors.
The right belief system
The best operating models don’t result by chance – they come from a strong set of underlying beliefs that inform every aspect of the business design.
Onvestor’s beliefs are clear...
As you read these, you might think ‘nothing to argue with’ – and you’d be right. It’s hard to name one advice firm that fully lives up to this mindset today though – and that’s exactly why we’re here.
Flawless execution
There are many parts of the advice process that need the skills and knowledge of the advice team to implement. Equally there are monotonous parts of this process that can be automated. This allows the advice team to have more time, which allows them;
To do what they do best and concentrate on advising clients on the issues that matter most.
Have more time to do so, improving their satisfaction whilst also increasing client numbers and resultant EBITDA.
One example of how automated advice can be efficiently (and compliantly) used in the advice process is report writing - be that suitability report writing prior to a client proceeding with an advice recommendation, or annual review reports – with a large proportion of the information within these reports being included for regulatory requirements.
The system we typically recommend allows you to input your firm's suitability report, incorporating the client’s personal circumstances from their fact-find. This means that a suitability report within this system will have (1) your base template, and (2) options of statements for your advice team to include (which are personal to that client’s circumstances, and fully editable with the addition of as much free text as is desired).
A second example is client recommendations. The advice engine we typically recommend using for investment products will take account of the client’s current and intended circumstances, goals and risk profile to produce a draft contribution and withdrawal plan - for the adviser to review, edit as required, and then present to the client.
All of this automation is deployed with the processes of an advice firm in mind, and with a heavy compliance tilt.
And, of course, where you have already invested in technology, we leverage as much of that as we can, transforming outputs as we do. We recognise that unnecessary technology churn is as popular as the churn of retail financial contracts!