Financial advice firms are being urged to rethink their technology strategies and put data ownership at the centre of decision-making, after speakers at the Empowering Advisers Through Technology conference warned that all-in-one systems often fail to deliver on their promises.
A panel hosted by the Financial Technology Research Centre (FTRC) heard from Mercury Wealth Management managing director Oliver Bourke and IFA and former chief technology officer at Progeny Tim Thompson-Rye, who warned that firms that rely too heavily on a single vendor risk losing control of their data. Bourke said Mercury Wealth Management initially attempted to run its business on a single system, expecting one platform to handle everything from client data to workflows and reporting. "I became frustrated with the limitations of this approach," he said. The firm ultimately aband...
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