Paraplanners seek faster and better integration to improve service to clients
96% of paraplanners and office admin workers agree that greater integration and automation between systems would enable provision of better and faster service to clients, the latest research from Origo shows.
Where inefficient systems integration was causing most problems and inefficiencies was in “preparation of client review packs” with over 40% of respondents agreeing that this process was their “biggest pain point”, while onboarding new clients came in at second, with 30% of respondents seeing this element of the processes most in need of systems integration.
This targeted research follows on from the work Origo did with the lang cat and the resultant white paper A Disconnected World: The Adviser’s Reality, published in September 2019**. The white paper research was the result of an in-depth study of the working practices of 10 advice firms, focusing on key business processes and how systems work together – or not – and the impact on firms’ productivity.
The white paper research found paraplanners and administrators to be the ‘superheroes’ of advice offices – working at the coal-face of systems – often covering up cracks and using workarounds to provide clients with a service they expect.
It found that through proper and efficient integrations, an advice firm could easily double its assets under advice. This point with was further illustrated through the latest research with paraplanners, who agreed that too much of their day is spent performing basic admin tasks - such as re-entering details and moving data between systems – due to no or poor integration between systems.
Origo, the industry’s original fintech company, is leading the charge in helping to make system integrations much more efficient and cost-effective, more secure, less risky, and more trusted through quality connections and above all, enabling wide-spread integration between the industry’s systems and platforms.
Anthony Rafferty, Managing Director, Origo, says: “For too long, the point-to-point (1:1) approach to integration has been hampering innovation. It is typical, and understandable, to find that to date, those with the deepest pockets and greatest market coverage have been using APIs as a means of differentiation to gain market advantage. However, if the industry is to progress in terms of productivity and cost efficiencies and to provide a better service to clients, we believe integrations between systems should simply be the norm. This will not only improve advice firms’ efficiencies but will also allow for more innovation and greater competition in the market.
“There may be still a place for point-to-point integrations, however in 2020 we expect basic levels of integrations to be at a stage where more and more advice firms, and in particular paraplanners and administrators within firms, can perform basic tasks between systems. This would enable greater delivery of improved outcomes both for their businesses and importantly, the end client.
“This is why we have developed the Integration Hub, a hub-and-spoke model that does away with point-to-point integrations and multiple set-up costs, risks and maintenance overheads which comes with that method. Instead, a system or platform has just one integration to set-up and is then connected to all other parties.
“This is about raising the industry’s benchmark for system integrations across the board which, we believe, as we head into this new decade, is well overdue.”
*The full paraplanners and admin research findings can be downloaded from here:
** The white paper goes into this issue for adviser firms in more depth and can be found here: www.origo.com/advisersreality