Consolidating files in logic 9

26-May-2020 07:22

Any failing of a technological investment solution creates ripples far beyond the piece of technology.Any negative from a failing of an online investment solution reflects, unfairly, on the financial planning profession, especially where and when any online solution is presented as ‘planning’. Therefore in this report, fintech solutions are mapped to the six step financial planning process.Click here to view the Comprehensive Financial Planning Process The average time taken to deliver a comprehensive financial planning solution is 26 hours.Depending on who is taking care of the planning steps, construction of the SOA and completing the administration requirements, the cost of a comprehensive planning scenario can range from ,715 through to ,063[1].Financial planners need to create new levels of efficiency in the engagement of consumers and in the delivery of planning including the review process.And financial planners need to become market makers in regard to a new generation of planning solutions that are low cost, easy to implement and in line with the stated wants of consumers. Since 2010 in the US alone b USD has been invested in fintech companies[1].Many of these companies are scoping to provide financial planning advice to consumers that is relevant, time appropriate, efficient and priced appropriately.

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Passing fintech solutions under the microscope of the financial planning process cuts through and clarifies for relevance and effectiveness.Financial planners around the globe are already forging business models around video meetings and live chat that are reducing the cost to serve[4].Over and above all of this, what technology is doing for financial planners, is allowing them to implement planning models that showcase the benefits of financial planning, and deliver it to clients in an efficient and highly engaging manner and where compliance / regulatory requirements are in built into the process.What is and what should be more concerning is that the financial planning solutions that are being provided are purported to be more collaborative, personal and comprehensive than ever before and the suggestion is that they are as such rivalling the face to face proposition of the average planning business.Many of the tools being utilised by fintech are available to all financial planners and some have been available for some time.

Passing fintech solutions under the microscope of the financial planning process cuts through and clarifies for relevance and effectiveness.

Financial planners around the globe are already forging business models around video meetings and live chat that are reducing the cost to serve[4].

Over and above all of this, what technology is doing for financial planners, is allowing them to implement planning models that showcase the benefits of financial planning, and deliver it to clients in an efficient and highly engaging manner and where compliance / regulatory requirements are in built into the process.

What is and what should be more concerning is that the financial planning solutions that are being provided are purported to be more collaborative, personal and comprehensive than ever before and the suggestion is that they are as such rivalling the face to face proposition of the average planning business.

Many of the tools being utilised by fintech are available to all financial planners and some have been available for some time.

In reviewing the data from the ASX study, we find that: These challenges are great opportunities for an evolving financial planner and planning business.