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    Catching the FinTech Wave: How to adopt FinTech and Transform Your Financial Planning Business
    Catching the FinTech Wave: How to adopt FinTech and Transform Your Financial Planning Business
    Catching the FinTech Wave: How to adopt FinTech and Transform Your Financial Planning Business
    Ebook179 pages2 hours

    Catching the FinTech Wave: How to adopt FinTech and Transform Your Financial Planning Business

    By Ben Goss

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    About this ebook

    From risk profiling to robo-advice, the use of FinTech in financial planning is on the agenda of every financial services boardroom - whether you run an independent financial adviser, a wealth manager or a financial institution. The UK is finally reaching a tipping point as customers, advisers, government, the regulator and technology providers all align to take the industry forward into a digital future and no one wants to be left behind. 
     Catching the FinTech Wave is for senior executives in financial services and advice firms charged with evaluating or implementing technology for financial advice and planning. It helps you practically address the five big challenges that FinTech brings and avoid being dumped by the wave as it crashes across the industry. 
    Based on best practice and illustrated by more than 60 individually listed resources including the latest regulatory guidance, it shows step-by-step how to successfully catch the FinTech wave as it grows and swells and how to benefit from the vast opportunities it brings including:
    • Massively growing your firm’s productivity  • Transforming access to your advice  • Retaining and growing customers who will be delighted to pay your fees, and  • Reducing your compliance risk. 
    Written by Ben Goss, cofounder of the UK’s first online adviser during the dotcom boom which advised over 1,000 customers a day at its height and CEO of DT one of the industry’s leading FinTech financial planning players today. DT supports over 7,000 advisers, 120 asset managers and many billions of pounds of investment recommendations annually. Ben has been widely quoted in the press including the Times, the Financial Times, the Daily Telegraph, FT Adviser, Citywire and Money Marketing.
    LanguageEnglish
    PublisherTroubador Publishing Ltd
    Release dateAug 28, 2017
    ISBN9781788031998
    Catching the FinTech Wave: How to adopt FinTech and Transform Your Financial Planning Business

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      Book preview

      Catching the FinTech Wave - Ben Goss

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      Praise for Catching the FinTech Wave

      A must read for any CEO, CMO, CTO or other member of the C suite running an advice firm, life office, platform, or asset manager. Equally essential reading for Fintech start-ups to help them learn about the realities of the world they want to work in. Ian McKenna, CEO of Finance & Technology Research Centre

      An excellent read. Knowledgeable, insightful, topical. Rory Percival, consultant and formerly Technical Specialist at FCA

      At the Personal Finance Society we believe there is a significant opportunity for the advice profession to play a key role in bridging the advice gap by utilising new technologies. Catching the FinTech Wave is a great reference for any firm seeking to benefit from new technologies in the financial advice sector. Keith Richards, Chief Executive Officer, Personal Finance Society

      An authoritative guide from one of the industry’s proven innovators David Dalton-Brown, Director General TISA and formerly Executive Director Fidelity Funds Network

      I have long been a believer that robust technology sits at the heart of every strong financial planning business. However many remain fearful and unsure which way to turn …. this guide from one the market’s key players will absolutely help you grasp the opportunities and take the leap of faith needed to transform your business model. A great in depth but equally succinct piece. Stephen Gazard, Group Managing Director, Intrinsic. Formerly Managing Director, Sesame Bankhall Group

      A compelling read for those building Financial Services Firms, it steers thinking and actions towards the huge potential that exists for those that embrace the content Malcolm Streatfield, Chief Executive Lighthouse Group PLC

      Most of us agree that the only viable future for advice to the mass affluent needs at least an element of digital automation. But how to do it? You can either take a year to ponder this problem and hit the conference circuit, or take a few hours to read a book from someone who has been thinking about this for decades. Full of insights and practical tips. I found it really useful. Holly Mackay, Founder and CEO of Boring Money

      A timely book which serves as a guide to anyone involved in financial services in understanding the implications and opportunities of digital technology on the industry Rob Thorpe, Head of UK Intermediary, BMO Global Asset Management

      Most organisations have the word ‘digital’ in their strategy, but then maybe a little light on detail? This book explains how you bring this to life in Financial Services, no matter what hat you’re wearing. Insightful and relevant. Brian Gabriel, Portfolio Director (IFA) AVIVA

      Delivering personal financial plans demands supporting technology now. Catching the FinTech Wave not only surveys a wide range of options, but actually explains in brilliant fashion how to implement! And the latter is very hard to find. Tom Sheridan, CEO, Seven Investment Management

      This entertaining read is full of insights from a pioneer in this industry with nearly two decades of experience. With the market for automated advice set to take off spectacularly, this timely book is essential reading for anyone involved in FinTech advice or financial planning. Professor Chris Brooks, ICMA Centre, Henley Business School, University of Reading.

      There’s hard headed advice and no gushing here. Goss highlights the pitfalls of implementation and the inevitable outcome of thoughtless digitisation: the delivery of unsuitable advice at scale. A robust and overdue road map to building a 21st century practice! William Trout, Head of Wealth Management Research, Celent.

      ‘Ben is an innovative and considered thinker, and a clear and engaging writer. For FinTech aficionados and Luddites alike, you’ll feel better prepared if you read this book.’ Mark Brandis, Managing Partner, Libertine London

      Copyright © 2017 Ben Goss

      The moral right of the author has been asserted.

      Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms of licences issued by the Copyright Licensing Agency. Enquiries concerning reproduction outside those terms should be sent to the publishers.

      Matador®

      Unit E2, Airfield Business Park

      Harrison Road, Market Harborough

      Leics, LE16 7UL

      Tel: 0116 279 2299

      Email: books@troubador.co.uk

      Web: www.troubador.co.uk/matador

      Twitter: @matadorbooks

      ISBN 978 1788031 998

      British Library Cataloguing in Publication Data.

      A catalogue record for this book is available from the British Library.

      Matador® is an imprint of Troubador Publishing Ltd

      Contents

      About the author: Ben Goss

      Acknowledgements

      Executive summary

      Introduction: The first waves of a tsunami

      1. Why read this book?

      2. The five big challenges to successfully adopting FinTech

      Section 1: What is good financial planning?

      3. Your financial planning business on its best day.

      4. Harnessing a powerful engine: asset and risk modeling.

      5. Financial planning without numbers.

      6. Investor experience, risk capacity and value at risk.

      7. Building suitability into your DNA.

      8. Why FinTech is great for compliance.

      9. The hierarchy of automation: how far can digital go?

      Section 2: Catching the wave: using FinTech as a force multiplier

      10. Building your business on strong foundations.

      11. Accessing the customers that traditional services can’t

      12. Dumped by the wave: manual businesses in a digital world.

      Section 3: A step-by-step guide to overcoming the five challenges

      13. Two principles.

      14. Eight steps

      15. How to engage customers.

      16. How to bring advisers with you

      17. Managing systemic risk

      18. Building bridges between data islands

      Section 4: Catching the wave

      19. Future game changers.

      20. Conclusions

      21. Appendix 1 – FinTech financial planning service due diligence checklist.

      22. Appendix 2 – Summary of FCA guidance on streamlined advice services

      About the author: Ben Goss

      As the Internet was taking off, Ben was a strategy consultant for PricewaterhouseCoopers. In 1998 along with two cofounders, he left PWC, qualified as a financial adviser and founded Sort, the UK’s first online investment adviser. Today Sort would be called a robo-adviser. Sort took off, delivering regulated advice to over 1,000 people a day before selling to the largest online adviser in the US in 2000, now owned by Morningstar. Ben cofounded Distribution Technology (DT) in 2003 to apply the lessons he’d learned about how FinTech can be used to support high quality investment advice. Today DT’s digital service, Dynamic Planner, supports over 7,000 financial advisers, 120 asset managers and many billions of pounds of investment recommendations annually.

      Ben studied at Bradford University in the UK and Indiana University in the US where he was a MacArthur Foundation Scholar. He is a Fellow of the Royal Geographical Society and the Royal Society of Arts and is passionate about innovation and the opportunities technology brings to solving important challenges, including the financial advice gap. Ben is an Ernst & Young Entrepreneur of the Year and winner of the Deloitte Fast 50. He has been widely quoted in the press including the Times, the Financial Times, the Daily Telegraph, FT Adviser, FT Money Management, Citywire and Money Marketing and has blogged for Huffington Post. A much requested speaker, he has spoken at numerous industry events including the UK Government’s International FinTech Conference. He writes a regular blog at www.dynamicplanner.com.

      Acknowledgements

      Much of the original thinking for this book first appeared in my blog at www.DynamicPlanner.com. Thank you to all the team at DT, clients, partners and contributors who gave me feedback and helped me refine my ideas.

      This book is about best practice in the implementation of FinTech in financial planning, so a special thanks go to the many people who have allowed me to share their real life stories in it as they have sought to grow their businesses using technology. Thanks also to those who gave feedback as the manuscript came together with the shared ambition that a better book would help the industry deliver better outcomes for firms and the customers we all ultimately serve.

      Thank you also to my wife, Jayne, and my three boys Christian, Gabriel and Raphael for having endless patience, often on weekends and holidays, while I wrote this.

      Executive summary

      As a busy executive, you might want to skip to the key points without having to read an entire book, so this section provides a summary of each chapter and acts as a directory.

      Chapter 1 explains why senior executives in financial advice or planning firms, large and small, should read this book in the first place! In short, it’s because applying Financial Technology (FinTech) successfully can help you:

      •Massively grow your firm’s productivity, reduce your cost to serve and increase your profits

      •Transform access to your advice and planning services

      •Enhance services so you can retain and grow customers who will be only too happy to pay your fees

      •Reduce your compliance risk by building suitability into your firm’s DNA

      Chapter 2 sets out the five big challenges firms face when seeking to adopt FinTech. These are:

      •Solving Rubik’s Cube and prioritising what’s important in a complex, highly regulated environment.

      •Getting engagement from customers

      •Bringing advisers with you

      •Ensuring investment suitability and managing systemic risk; and

      •Building bridges between data islands.

      Many FinTech projects and programmes founder on the rocks because of these challenges, and often firms don’t even start out on the journey because they appear insurmountable. Forewarned is forearmed though, being clear on the challenges is the first step to overcoming them.

      Chapter 3 sets out what good financial planning looks like and therefore what the aim of FinTech should be in enabling it. Even though it can take many forms, the essence of good financial planning is to help customers achieve their goals at a suitable risk and cost. Critically, good planning encourages the customer to act, rather than planning for planning’s sake. There have been many digital white elephants built over the years which offer great technical solutions but are rarely used and even more rarely acted upon.

      Chapter 4 explains the importance of investment suitability for customers, firms and the industry and the central role of asset allocation in driving an investment

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