Communication platform Legado has launched a solution for advisers to streamline their processes and allow efficient communications with clients.
This comes as research from Legado and FNZ, conducted by the Lang Cat, found a need for an up-to-date communication and interaction solutions for advisers.
It found that 88 per cent of advisers said they faced challenges with outdated communication practices, resulting in missed client opportunities.
Advisers also revealed having fragmented communication channels, using email, SMS and Whatsapp to contact clients.
While more than 90 per cent say they would like to have an audit trail of communications.
Regulatory challenges have caused 70 per cent of advisers to acknowledge that a regulatory focus on ongoing service is making them review their communication processes.
Legado has said its platform, backed by FNZ, is designed to introduce advanced security and regulatory tools to comply with consumer duty and ICO regulation.
Josif Grace, chief executive of Legado said the solution ensures “secure, compliant, and efficient communications with clients” for advisers.
The platform will offer omni-channel notifications and a full record and audit trail of all interactions for advisers.
Adrian Durham, chief executive and founder of FNZ, said: “Across the wealth management industry today, firms are held back by outdated legacy technology infrastructure and fragmented systems, too often still relying on paper-based processes.
"This matters not only for an industry that is in the midst of a profound shift but for all of us, as we look to make our hard-earned savings work harder.”
The solution will be available to FNZ’s institutional customers and will be integrated into its platform, to enable advisers to use it without disruption.
Steve Nelson,insight director, at the Lang Cat, added: “We do a lot of adviser research studies and one thing that consistently comes up in various forms is the fact that disconnected and fragmented processes and systems are the bane of advice professionals’ lives. And here we are again. This time it’s client communication that suffers because of inadequate technology.
“Anything that takes some of this pain away, whilst at the same time keeping the regulator (and its perpetual focus on consistent client outcomes) happy, has huge potential upside.”
alina.khan@ft.com
