Technology is merely a tool to help to run an advisory business, and should support the processes advisers already have in place, according to SimplyBiz investment service managing director Dan Russell.
Speaking at the second series of Working Lunches hosted by Professional Adviser on Thursday (20 August), in partnership with SimplyBiz Group, Russell said technology must work in conjunction with the processes advisers have in place for their business.
"Often you find it the other way round whereby businesses are trying to change their processes to fit with the technology," he said.
Russell explained that without suitable and robust processes in place first, technology will not necessarily matter, likening his advice to using expensive golf clubs without having the relevant skills: "Those golf clubs won't solve the problems if you've got a terrible swing."
Addressing delegates, Russell said it's important to get to the stage in a business where processes are being supported by the technology, and that it helps the processes become stronger.
"As much as it's important that you find the right technology, you can't find the right technology unless you know what processes to implement," he continued.
But by implementing technology, Russell added, advisers will have less opportunities for things to go wrong.
Professional Adviser's next Working Lunch is Wednesday 26 August and is in partnership with Schroders. The webinar will consider how advisers can profit from intergenerational wealth opportunities.
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Increase of £227.6bn at the same point last year