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Money Marketing: How the cloud can kick-start advisers’ digital transformation journey

March 22, 2024
clock 3 MIN READ

Cloud computing’s rise is one of the most impactful technological advancements of our time. It has been a transformative force for streamlining operational efficiency and improving data-driven decision-making—a game-changer in delivering a personalised, on-demand advice experience.

But as many advice firms grapple with disparate technology systems and a lack of access to high-fidelity data, they’re struggling to keep up with the pace of change. And it’s no secret why they’re facing these challenges.

Cloud-enabled micro, small and medium enterprises in key sectors of society are expected to facilitate £6.9bn in combined annual productivity gains by 2030.1 Here’s how advisers can kick-start their digital transformation journey by adopting cloud technology.

Advisers are increasingly assessed by their level of personalised service. Investment flexibility that meets an investor’s goals is a key component to delivering on those needs, but aggregating the data that provides a view into their progress and a holistic view across their entire financial picture can be a true differentiator.

Financial advice is a human endeavor in our digital-first world. Delivering valuable advice when and where clients want it, while maintaining a personal relationship, requires advisers to find the balance. Cloud models equip firms with near real-time access to financial data across a client’s full financial life, enabling advisers to tailor advice, deepen their connections with clients and reinforce the value they provide.

A client’s confidence in their financial future comes from a wealth experience that is connected. No matter how they define their wealth, they’re able to interact with it in a unified way that gives them the information, freedom and conviction to make decisions about the future.

Advisers need the confidence their infrastructure and technology provides the operational stability, efficiency and flexibility that can not only support their clients’ expectations, but also enable them to scale their businesses.

When it comes to technologies talking to each other or moving data to and from the cloud, accessibility and integration are crucial. It’s important to ensure the data is cared for and successfully delivered.

A compelling value proposition in today’s competitive landscape rests on a digitally driven advice experience while keeping an eye on the bottom line. Consolidating disparate systems through fewer strategic partners could achieve both.

For firms experiencing or considering M&A as a key growth opportunity, consolidating those systems becomes even more paramount when faced with a larger tech stack.

The cloud can help power these transformative transitions by enabling the migration of data—and assets—with little to no disruption. For firms converting to a new technology infrastructure, this helps ease implementations, and for those navigating M&A transactions, it can reduce system incompatibilities.

Digital transformation relies on people, process and technology, and culture plays a key role in keeping pace with change. It’s important to include and prepare employees for the journey because the people using the technology and interacting with clients are just as critical as the operational efficiency gained.

Advisers’ confidence in the future can come from knowing they have the tools, processes, applications and data access to connect their clients to what matters most and drive business growth. The cloud’s impact on business growth is worth more than five times what’s possible from a mere reduction of IT costs.2

Particularly during times of economic pressure, advisers are faced with managing bottom-line costs with top-line growth. Striking that balance while allocating human, technology and financial resources can be challenging.

Leveraging the cloud can help advisers capitalise on growth opportunities and drive the breakthrough change necessary to power the future of wealth.

1 "Realising a cloud-enabled economy in the United Kingdom: How cloud drives economic and societal impact through micro, small, and medium-sized businesses" Accenture, Sept. 18, 2023.

2 Arora, Chhavi, et al. "In search of cloud value: Can generative AI transform cloud ROI?" McKinsey, Nov. 15, 2023.

Sanjay Sharma

Executive Vice President and Global Head of Private Banking & Wealth Management, SEI

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