Procrastinate or Integrate?

A few weeks ago, SVX Group attended the ATSA (Accountants’ Technology Showcase Australia) conference in Sydney. This was the first event that SVX had sponsored where we had the opportunity to showcase our platform designed for Accountants and Advisers to consolidate all their clients personal and business information in real time.

The software was well received with many Accountants voicing frustration that they’re currently spending copious amounts of time consolidating information from various software applications and spreadsheets and by the time the data is gathered, changes have already taken place.

A panel of experts were asked the question of how their individual organisations are addressing this need for integration, so accountants and advisers have a very clear view of their clients’ full financial position, so advice becomes proactive rather than reactive and thus missing opportunities. Many have claimed to have an app store to service individual needs, but none with a consolidate platform or consolidating reporting tools. Technology has easily made this challenge now possible to achieve, so why are accountants and advisers not jumping on board the easy road and stop complaining of the very things that consumes unbillable time? Is it fear of change? Is it just one more software platform to worry about? How often have we heard less is more? So, although SVX is not designed to replace all your existing software applications, it reduces the need for end clients having to have too many logins and passwords to remember; and the additional benefit is to have all their financials and related documentation in one central place to allow for one the spot investment decisions.

As practices move into a paperless environment and more and more clients requesting online access to all their financials; practices have an advantage to increase client engagement and make clients more ‘sticky’. Clients can also invite a number of their trusted entities such as lawyers, executors, powers of attorneys’, etc. to ensure all parties are connected and decisions and tasks can be executed seamlessly. This allows for important decisions and documentation to be stored securely in the cloud without the risk of emails being hacked or documents going missing.
Technology is definitely changing the adviser-client relationship and clients will expect more from their adviser and having access to their financial data 24/7 without relying on their quarterly or 6 monthly meetings.

I look forward to your comments and hearing your stories of how you interact with your clients today. The good, the bad and the ugly – I’m sure I can help.