5 reasons financial advisers need to stop worrying and love the cloud
When people talk about the cloud, they’re probably referring to the process of using the internet to store, manage and process data and not a big, fluffy cumulus floating by.
And while it’s great to sit in a park and lazily watch a mass of condensed watery vapour in the atmosphere, we’re here to talk about cloud computing – sorry to those out there who like to indulge in the bit of nephelococcygia (the scientific name for cloud watching).
The prevalence of cloud computing in financial services has grown significantly over the past few years with more and more accountants and financial planners deciding to switch from the traditional practice model over to cloud based trading.
However, the implementation of cloud computing in financial advice is actually much slower than other sectors, which is crying shame, because it can offer advisers so much. If you’re an adviser and not utilising the benefits of the cloud yet, it’s time to time to stop living under that rock and discover how it can revolutionise your business.
1. Up to date data
Cloud services allow you to access accurate, up to date data information about your clients through a range of live feeds. Why is this important? Because you’ll not only will you be cutting down on the time it takes you to gather that information for yourself, but more importantly, you will be able to give a better standard of advice.
Cloud-based trading comes with its own insurance premium. Because data is stored virtually, it is backed up offsite. This is beneficial for two reasons.
• It eliminates downtime caused by software/hardware malfunction.
• The information can be accessed using another device. The data cannot be destroyed, even in the event of a natural disaster.
Cloud services improve work flow with reports, analytics and automation of tasks. This allows financial professionals to focus more on part of their business that can yield the most profit – the sale of services.
4. Work anywhere
Financial advisers were once geographically fixed, requiring clients to be in the same area. This meant that firms had to have a central hub of operations. The cloud also allows advisers to work remotely, making the traditional large office space less important, which can potentially reduce the expense of running a business.
5. You’ll engage millennials
We’re discussed how millennials have a strained relationship with financial advice in a previous post. For advisers to capture the ‘young’ market, they have to engage them by incorporating technology into their business model. It’s a simple matter of supply and demand – millennials want an integration of cloud services with their financial advice and if you’re unable to provide it, you will risk them going to a competitor.
It is important that you start thinking about transitioning your business into cloud trading so that you can remain competitive. By blending automation with advice, you’re going to do the best thing for your business and for your clients. So stop worrying and love the cloud.