This article was originally written for Money Marketing by Ben Hammond, Wealth and Partnerships Director at AheadMG.
In it, Ben makes the case that many firms don’t have a technology deficit, they have a usability problem, and that solving it means integrating and embedding what’s already there rather than buying more systems.
Each wave arrives with the same promise: this will change everything. But if you speak to firms in more detail, the reality feels very different: they often don’t have a technology deficit, they have a usability problem.
Until we’re more honest about that, we’ll keep trying to solve the wrong issue.
An integration failure, not an innovation failure
Walk into any advice business today and you’ll find a broadly similar stack:
- A CRM (often underused), or why not choose them all
- One or more (2.4?) platforms
- Cashflow modelling tools
- Client portal(s)
- Suitability tools
- A growing layer of bolt-on tech (that has “always been there”).
On paper, it’s comprehensive; in practice, it’s often disjointed. Systems don’t quite connect, data is duplicated, processes rely on individuals joining the gaps manually.
Despite this, the default reaction is still, “We need something new to keep clients interested.” But we probably don’t. What we really need is to make what we already have work properly.
Technology gets layered on top of existing processes rather than reshaping them. The result is more complexity, not less
Our industry hasn’t struggled to adopt technology – if anything, it’s embraced it enthusiastically. Buying systems is easy, but joining those systems together, aligning them with real workflows and driving consistent usage across a business? That’s a lot harder.
So, instead, technology gets layered on top of existing processes rather than reshaping them. The result is predictable: more complexity, not less.
The Consumer Duty is exposing the cracks
The Consumer Duty is often positioned as a compliance burden. However, in reality, it’s highlighted operational weaknesses that have existed for years. It’s forcing firms to confront some fundamental questions:
- Do we know which clients we’re engaging effectively?
- Can we evidence ongoing value consistently?
- Are we identifying disengagement early enough?
- Is what we have actually suitable for the clients who are using it?
Technology can absolutely help answer these questions, but only if it’s used with intent. Otherwise, firms end up generating more dashboards, more reports and more ‘insight’, without improving outcomes.
AI is doing something more subtle and probably more uncomfortable – it’s raising expectations
There’s a persistent belief that automation will tidy things up. However, if your processes are unclear, ownership is blurred, or teams operate inconsistently, automation doesn’t solve that. It simply scales it.
The firms that get genuine value from technology tend to be the ones that have done the less glamorous work first by defining processes, assigning ownership properly, investing in training and regularly reviewing what’s being used.
They’re not necessarily the most advanced firms, they’re just more aligned.
AI isn’t replacing advisers, but it’s raising the bar
There’s plenty of commentary around AI replacing parts of the financial advice process. But it’s doing something more subtle and probably more uncomfortable – it’s raising expectations.
AI is very good at processing information, summarising data and handling repeatable tasks, which means what’s purely mechanical is becoming less differentiated. So, if your value is built primarily on what can be automated, it’s no longer a technology problem, but a proposition problem.
Where advisers remain essential is where they’ve always added most value:
- Exercising judgement
- Providing reassurance
- Giving context
- Helping clients make decisions in uncertain or emotional situations
Technology removes the mechanical and what remains is the meaningful. And it turns out not everyone is quite ready for that shift.
The industry needs more honesty, not more tools
At some point, we need to acknowledge a simple truth: most firms don’t need another AI add-on, another dashboard, another ‘end-to-end solution’.
They need to pause and ask some more fundamental questions:
- What does our process look like today?
- Where does it break down?
- Which systems are genuinely adding value — and which are just sitting there?
- How clear and joined up is the client experience?
- Should we really just be buying in TechX just because everyone else is?
And then act on the answers: simplify where possible, integrate where necessary, stop adding by default.
The uncomfortable truth
The next phase of progress in financial advice won’t come from another wave of innovation; it will come from making better use of what’s already there. For most firms, this is reducing duplication, connecting systems properly, tightening processes and embedding existing tools more effectively.
The biggest risk for many firms isn’t falling behind on technology, it’s being overwhelmed by the technology they already have
It’s not particularly exciting and it doesn’t get the headlines, but it’s where the real gains are. Right now, the biggest risk for many firms isn’t falling behind on technology, it’s being overwhelmed by the technology they already have.
If any of this feels familiar, the starting point probably isn’t a new system; it’s a clearer view of what you’ve already got. Take a step back and look at your business end-to-end:
- Where are the manual workarounds?
- Where does data get rekeyed?
- Which tools are genuinely used, and which are effectively redundant?
Once you can see the gaps properly, the path forward is usually simpler than expected. And often, it doesn’t involve buying anything at all.
If you want a strategy built to maximise efficiency, with intelligent systems that integrate the way they should, it may be time to take a closer look at how your tech stack is set up. At AheadMG, we help Wealth Management, Financial Services and Insurance firms focus on what truly drives long-term value for their customers and their business, supporting everything from Technology Strategy to Target Operating Model design, BPO models, and specialist test, QA and delivery.
Book a call with one of our experts and take the next step towards staying ahead.
