How wealth platforms support Adviser businesses

how-wealth-platforms-support-adviser-businesses-dave-howard
  • Author : Dave Howard
  • Date : 30 Sep 2020

Dave Howard is Chief Technology Officer at Novia Financial

For the majority of Advisers, wealth platforms are strategically important to the way they run their business, and to be successful they have to meet three fundamental needs:

  1. Support investors to meet their financial goals.
  2. Reduce the administration burden of investing.
  3. Help Advisers demonstrate the value they add to their clients.

 

Support investors to meet their financial goals

To meet these needs the user experience must be engaging and require a low level of effort on behalf of the investor, so that they can clearly see the financial benefit of advice. Investor Zone provides transparency to clearly show their portfolio, asset allocation, charges, and regulatory documentation.

Client engagement with their investments is the bedrock to enable financial goals to be met and strong Adviser/client relationships. We are to continually refresh our Adviser and Investor Portals to create intuitive and low effort user interfaces.

 

Reduce the administration burden of investing

Novia’s technical journey from 2008 has seen a dramatic change in landscape, from our initial Composer Web offering through to Report Zone, Investor Zone, financial planning tooling and now the new Adviser Zone. Notable goals of Adviser Zone were to reduce the burden on administrators, simplifying and streamlining their processes to onboard new clients, top-ups, and switches, which all boast dramatic time savings.

Improvements were made to our financial planning toolsets, namely around the Life Style Planner, Portfolio Performance Review and Model Portfolio Evaluator, integrating them into the digital experience in a more coherent fashion. Adviser Zone also saw the adoption of Single Sign On (SSO) technology that, not only improved the security of our systems, but reduced the burden on users remembering and managing multiple usernames and passwords. This solution allows Advisers to access their administrative, reporting and planning tools under one unified set of credentials.

 

Help Advisers demonstrate the value they add
to their clients

The future strategy for Novia is taking us in a Cloud Native and Cloud First direction, working with strategic partners to deliver selective microservices, hosted in the cloud. This allows us to leverage best of breed technologies, such as Docker and Kubernetes, through to the latest .Net and UI Frameworks. This move away from classic data centres to the Cloud provides a robust model for elastic scalability, performance, and provisioning of infrastructure as code for our technical estate. In turn, this gives a consistent and performant system for Advisers to consume our services, even during peak times of year such as Tax Year End.

The start of our microservices journey as a company provides incremental delivery of functionality for our clients. This allows us to move with agility in the market and provide small, incremental, changes to our Platform as a whole. This initiative is directly for the benefit of our Advisers so that they can work as efficiently as possible, allowing them to scale their business with technology rather than people.

A key goal in today’s financial market is taking regular feedback from our Advisers, assimilating, and providing regular deployments to meet their needs. This is all supported through the notion of continuous deployment. This approach has been successfully implemented with Adviser Zone, where we take on regular feedback from our Advisers and plan into Program Increments to deliver value to them.

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