Use existing tech before looking for new ‘shiny’ tools

Ahead of the Adviser Innovation Summit 2023, co-founder of Caboodle Financial Services, Peita Diamantidis, said that rather than chasing the new, “shiny” tool in the market, advisers would do well to make better use of their current tech stack.

“In my Ensombl AdviceTech podcast, the consistent theme is that advisers are only using a tiny proportion of the tech they’ve currently got,” she told ifa.

“There are so many features that people aren’t even aware exist in the tools they already have. For example, either Microsoft or G-Suite is the core productivity suite that advisers would use. Lots of them wouldn’t know that there’s a scheduling tool called Microsoft Bookings, which allows clients to book their appointments without needing to speak to anyone.

“You don’t need to pay extra for another online booking program.”

Ms Diamantidis’ comments preceded her session at the Adviser Innovation Summit in June, where she will explain how advisers could declutter and simplify their tech stack and integrate their systems for a replicable process.

She encouraged advisers to take stock of all the tech tools in their practice and how much each is being used.

“You need to ask the entire team about their usage because everyone could be using different elements of the tools,” she said.

Alongside this, making a list of the technologies they have licenses or paid subscriptions to, and reviewing how much they use them, could help advisers declutter their tech stack.

“When you do these stocktakes, you’ll find that you’re paying for things you’ve never used or even downloaded into your system,” Ms Diamantidis said.

Following this, advisers should review whether their licensing package grants access to certain tools, and whether these are being used, she added.

“You’ve got to brainstorm with your team to drill down your problem into very specific requirements. For example, you may want to reduce the need for making calls to insurers for queries on policy details. You can then find a solution for that problem,” Ms Diamantidis said.

“The key mistake people make is they chase the shiny new widget without having a problem to solve. They’ll just say they don’t like their core system or want to upgrade it to something else. None of that is a specific problem. It’s just a feeling.”

Specifying the problems will also clarify how many systems an advice practice requires to solve them, she said.

“One system usually won’t solve all your problems, but it might solve two or three of your problems,” Ms Diamantidis said.

“The exciting thing is that many systems integrate well with each other, which means advisers can avoid double entry of data. It will easily transfer from system to system.”

Ms Diamantidis encouraged advisers to train their team to use the tools once they are implemented.

“Approach your tech provider and ask what features are typically not used to their full potential,” she said.

“Generally, that draws out some gems that tech providers have worked hard on. It can also be an opportunity for the practice to get some immediate productivity.”

To hear more from Peita Diamantidis about how advisers can build a deliberately chosen tech stack to boost efficiency while ensuring data security, come along to the Adviser Innovation Summit in June.

It will be held on 8 June at The Great Hall, University of Technology, Sydney and 15 June at Grand Hyatt, Melbourne.

Click here to buy your tickets and don’t miss out!

For more information, including agenda and speakers, click here.