“Software is eating the world. It’s changing so many aspects of our everyday lives – the cars we drive, the appliances we use at home, the way we connect with loved ones. And businesses we normally wouldn’t think of as technology businesses are using software to change their products and industries, from running shoes to oil pipelines” – Atlassian.
Over the last few years we have been riding the wave of significant change and disruption in all industries globally. The accounting and financial planning industry is no exception to the rule, albeit the impacts of digital tend to be less obvious at the outset. When we dig deeper however, what we find is, the way clients want to engage is changing, and if the advisers to the Australian consumer don’t keep pace with this change, they will be left behind.
What is driving this change is that the digital age has created an environment where clients are flooded with a plethora of information, which is literally at the tip of their finger. Clients don’t need any more information. What clients actually need, are insights. Therefore, the most successful advisers are the ones who can interpret the volumes of information their clients have brought to the table, and provide the insights needed. These insights then form the basis of the strategy that the adviser and client work collaboratively on, to secure and protect their financial future.
The savvy advisers, both accountants and financial planners, are talking to their clients before the need develops; they are challenging clients with ideas, with possibilities and looking to create value at every interaction. The rate at which advisers adopt technologies which enable them to turn information into insights efficiently, will dictate their ability to respond to client’s demands and ultimately the sustainability of their business.
Innovative technology is also driving down prices significantly, and margins in advice services have been eroded. This is why businesses have no choice but to innovate and become more efficient. Clients don’t view traditional accounting services such as compliance, tax and admin as value-added services, they are transactional. Data feeds into accounting software means data is more accurate, and it is shared in real-time between the client and their adviser. No longer is there a need for complex data entry and keeping books up to date, software does this automatically. Successful advisers will harness the information flowing through the systems and use it as a trigger for more frequent interactions with their clients. These interactions will be more meaningful for the client and more valuable for the adviser as a result.
Nothing is more powerful than giving your clients what they need, and accountants and financial advisers are in the perfect position to do so as the trusted advisers to the Australian consumer. By building efficiency into their advice process, practices will ensure their operation is commercially sustainable and they are capturing opportunities at every client interaction.
© Stevie-Ann Dovico,
Strategic Growth manager, Securitor.
For further information on Securitor, please head to their listing here
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