"Be sensible about your purchases - consider what you currently use and what you might want to do with your systems in the near future."
I read a recent roundtable debate on tech use within the mortgage market which suggested that, for most advisers, technology is simply a case of using a 10-year old laptop, which runs software of a similar age, and that there is little utilisation of the capacity within this, let alone using the most up to date systems and software advances. And please don’t mention social media, as the commentator concerned believed there would be little understanding of how to use it, its potential benefits, and what advisers could utilise it most effectively.
To say this appeared a harsh assessment of advisers’ technology interaction was an understatement, and in my opinion, there is little point having the very latest hardware and systems just for the sake of it. If you’re not making the most of what you currently have, then there’s little point shelling out thousands of pounds to use exactly the same features as you currently do but just on newer equipment and/or software.
Which is not to say that an upgrade can’t be warranted. Let’s be frank, when it comes to computer equipment, not only is it designed to fail at some point in the future but, in terms of the requirements placed upon it now (compared to a few years back), there is always going to be a need for greater memory or speed. You certainly don’t want to be sat in front of clients waiting hours for laptops to boot up, or wondering why your CRM is taking an age to switch on. In that sense I’m all for upgrades if they’re going to make you more effective, and if they’re going to ensure you don’t look foolish in front of the client.
But, before updating just because the new tech is shiny and available is a fool’s errand – companies like Apple rely on their ‘fan boys’ who buy their new product on the first day, whatever it might be, and whatever ‘new’ things are added to it – and as a business it shouldn’t be your approach. Instead, be sensible about your purchases - consider what you currently use and what you might want to do with your systems in the near future.
There are a huge range of options currently available which, if you’re an AR, for example, can be accessed via your Principal partner, of (even if you’re not an AR) can still be accessed perhaps through an equivalent mortgage club arrangement. Not forgetting the free software that’s easily available, and which could be plugged into your system – although, as a word of warning, make sure you scan and conduct all the necessary virus checks, etc, before introducing these into your machines.
We certainly look to offer our ARs, and DA members of Genus, the most effective, up to date systems and technology currently available, but at the heart of this has to be an understanding of what advisers are going to use this for, and a decision is always made about delivering new versions/updates/additions which perhaps look amazing but are actually pretty irrelevant to firms. Beautifying the system is one thing, as is improving usability and functionality, but in terms of developments if it’s hardly going to be used then we have to consider, what’s the point?
And this is a good question for individual firms to ask themselves when they’re looking at new technology. Will I use it? What does it do that I can’t already do? How is it going to support my business? Can it be utilised to drive new business to me? Will it free up my time in an administration sense so I can concentrate on advice? Is it worth the money? If there’s a degree of uncertainty in the answers then you’re probably right not to spend your hard-earned cash, instead why not seek out free options or try to understand if your existing hardware and systems can do this already? You may be surprised.
So, when it comes to technology, as a smaller firm no-one is anticipating that you have a multi-million research and development budget available to you to develop a bespoke system. Instead, utilise the technology propositions of those that have put in the R&D work, that have those budgets and are looking for customers to use them. Firstly, you might find that you pick up these developments and propositions for free, or you might find that they’re cheaper than you think. Secondly, make sure you’re going to use all the benefits that the system or hardware delivers – it is pointless going for something with all the bells and whistles, if you only ring the bell once in a blue moon, and the whistle is completely superfluous. Understand what you need, understand what kit/software does this best, and make sure you use it. All of it.
