With so many plug-and-play tools available, many advisers find themselves piecing together solutions that don’t quite fit. The result is a “tech crack”—an inefficient data mess and higher costs over time. Here’s why an all-in-one solution is the better choice for building a solid tech stack that stands the test of time.
All-in-One vs. Plug-and-Play
The plug-and-play approach involves integrating multiple systems to assist in the advice process. For example, an adviser might use one provider’s client portal, another provider’s CRM, and yet another’s modelling tool. Proponents of this method argue that specialized tools can offer best-in-class features tailored to specific functions, allowing advisers to customize their tech stack to meet their unique needs.
In contrast, an all-in-one solution combines all essential functions—CRM, modelling, data management, advice generation, and client portal—into a single platform.
The Advantages of an All-in-One Solution
Here’s why a good all-in-one solution trumps the plug-and-play approach:
1. Integration Challenges: Although using multiple specialized tools sounds great in theory, the reality is that these integrations frequently fall short. The result is fragmented data and disrupted workflows.
2. Time and Training: Let’s face it: advisers are time-poor. The more tools you introduce into your process, the more time will be spent on training. It’s better to spend time on clients than to become your own head of IT.
3. Cohesive Functionality: All-in-one platforms ensure that all tools work together cohesively. Data flows seamlessly from one function to another, reducing the need for manual data entry.
A member of the Ensombl community summed up the impact of these efficiencies perfectly, stating
“We track time and have found efficiencies achieved have reduced team time to serve clients by 30% per annum, freeing us up to spend time with clients and build relationships.”
4. Cost Efficiency: Maintaining multiple subscriptions for various tools can be costly. An all-in-one solution typically offers a more predictable pricing structure, helping advisers manage their budgets more effectively.
5. Improved User Experience: With an end-to-end platform, advisers and their teams benefit from a consistent user interface and client experience. A client portal allows advisers to share access with their clients, enabling them to view financial information, upload documents, and communicate seamlessly – all within the same system.
6. Enhanced Client Insights: All-in-one systems centralize data collection from various sources, giving advisers a comprehensive view of client interactions and needs. This holistic perspective enhances the ability to provide personalized advice.
7. Simplified Compliance: Managing compliance becomes more straightforward with an all-in-one solution. Data security protocols and compliance measures are built into the platform, reducing the burden on advisers to ensure each individual tool meets regulatory standards.
Integration Considerations
One thing we should clarify is that we’re not suggesting that integrations are unimportant in any way. We believe that the core functions of CRM and advice generation should generally be managed through a single system. This “core system” should centralize data collection from all relevant sources, including investment platforms and research houses, and organize it systematically.
Other applications can certainly be integrated to complement the core system, such as external document repositories and email marketing software. However, these should remain peripheral and designed to enhance, rather than dilute, the core system.
Conclusion
In a world where technology is ever-evolving, opting for an all-in-one solution not only simplifies processes but also enhances the quality of service that advisers can provide to their clients. By minimizing the complexities and costs associated with multiple tools, advisers can focus on what truly matters: delivering exceptional financial advice.
Tired of managing your tech stack? View our Solutions Showcase in the AdviceTech space on Ensombl & learn how Plutosoft can help your business.
