Duncan Murray of Invest Blue notes that ten years ago, investment solutions were much simpler, often limited to basic multi-manager options or direct equity portfolios for high-net-worth individuals. However, the landscape has changed, leading to more nuanced and transparent investment solutions. Despite these advancements, the core need for trustworthy client relationships remains unchanged. Advisers have embraced new technologies and solutions, facilitated by expanded approved product lists and a better alignment with licensing bodies, leading to greater transparency and openness.
Justin Gilmour of Integro Private Wealth highlights that while advisers have traditionally been valued for their strategic insights, the investment offerings of a decade ago were less robust. He describes a move towards industrialising investment processes and catering to the high-net-worth market. This shift has been driven by client expectations and the need for consistent and proactive service, with some changes spurred by regulatory requirements.
The push for improved investment processes is reflected in the experience of InvestSense, a consulting firm focused on applying institutional funds management principles to retail advisory services. Jonathan Ramsay of InvestSense explains how the firm has adapted its approach to suit the changing regulatory environment and the evolving needs of clients, integrating managed account structures that support a more tailored investment strategy.
The benefits of these advancements are evident in the decrease in investment and advisory complaints related to service quality and follow-up implementation. This reduction suggests advisers are now better positioned to focus on servicing clients, leading to more meaningful discussions about their financial futures. The consistency and quality of advice have improved, as advisers leverage technology to reduce risk and streamline processes.
This evolution has allowed advisers to spend more time on client relationships, providing a clearer understanding of investment decisions. Murray emphasizes the importance of consistency in outcomes, while Gilmour points out that freeing up advisers' time enables them to guide clients toward informed decision-making, using financial modelling to evaluate various scenarios.
Ultimately, the advancements in investment processes have enhanced the role of the adviser as a crucial link in providing transparency and understanding. Clients are better informed and engaged, leading to improved decision-making and investment outcomes. Gilmour notes that today's advisers add significant value by helping clients avoid poor financial choices, leading to a more active and informed client base.
