As an established broker, you need to stay on top of technological developments. Your clients (and advisors interested in joining your team) expect you to frequently update your service offering with new and exciting features.
We have identified a consistent problem that all brokers have:
Brokers are currently experiencing high competition in the market. They are constantly approaching each other’s clients to convince them to move over to their books. For brokers to be competitive and retain their clients, they need skilled advisors that are the best of the best.
The best advisors are focused and dedicated; they want to work in a place that supports their strengths and empowers them to offer excellent service. They don’t want to work somewhere that drowns them in admin. Top-tier advisors are also skilled at using technology to serve their clients, and they expect the same from the brokerage they work for.
How can this get any worse?
As technology gets more and more advanced, innovation is accelerating. Keeping up to date with the latest developments can be challenging for brokers, and quite a big challenge at that. The need for data protection services is increasing with the introduction of POPIA. Since data breaches can be devastating for clients and their brand image, clients are demanding more advanced security measures from their advisors and brokers. If brokers do not take sufficient action to ensure data security, their advisors may simply leave and take their client portfolio with them.
What is the solution to this problem?
Start with a definition of your unique proposition. Create a material view of the future in a way that you can share with brokers and clients. Why do you think your brokers can collectively offer a better level of service than your competitors?
A lot of advisors think that the "person" makes the difference. This view may be true but it doesn’t scale very well. Brokerages need to leverage IT products and solutions to deliver high-quality services at scale. These products and services are the result of an IT strategy formed with the help of your CTO.
Understand your strengths and weaknesses, and consider how they align with your vision. You need to understand what you need, what you don't need, and what the industry doesn't need. Develop a realistic idea of what it might cost to implement technological developments to improve on pain points.
Armed with this knowledge, brokers can start looking for people with the skills they need to deliver that vision. This is where Seed Analytics comes in.
Seed Analytics was founded over 9 years ago and offers data consolidation, statement generation and analytics to our extensive list of clients. We report on a number of AUM and have experience with building and launching systems that scale. Advisors use our systems to distribute consolidated statements to their clients at a click of a button.
Winning brokerages have realistic IT strategies
Advisors are attracted to high-quality brokers. Brokers who are on top of the market and the latest technological developments will attract and retain the best advisors. When you are the best broker and have a team of brilliant advisors, your clients will never receive anything less than the best possible service.
The best brokers are thought leaders who can monitor business developments and introduce cutting-edge strategies as needed by the clientele.
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