Blue Chip Issue 81

FOREX FINTECHCONTROL
Tech revolution: time to take advantage
Blue Chip sat down with atWORK’s chief technology officer, Werner Koekemoer, to
discuss the biggest IT challenges (and solutions) facing financial planners.
What role will technology play in the future of financial planning?
It’s common to hear people saying that the robots are coming to
take our jobs. But nothing could be further from the truth. The
robots – or rather, technological advancements – are going to
make our jobs easier and more profitable.
The theme of this year’s FPI Professional Convention is “The
Future is Human” and you might ask
yourself how that reconciles with
the predictions that tech is replacing
human connections. The simple
answer is that technology should
be seen as an enabler that gives us
more time with clients and to do the
human things that financial advisors
signed up for, like building trust and
giving great advice. We’ve been saying for years that robo advice
will replace humans, but I think we all know how that has worked
out. Robos have largely cost more and failed to deliver the goods
for most planners.
The beauty of open systems architecture is that one software
system can tap into all of the latest developments in fintech
and bring those developments together in a single, easy-to-use
package. Human relationships are at the core of financial planning,
but tech can greatly accelerate success by saving time and
increasing profits.
Can you give an example of how tech can do this?
There are so many examples. Simply using a modern Customer
Relationship Management (CRM) system will slash the time and
money you spend on administering your practice. But if you
want a specific example, look at the people still doing Financial
Needs Analyses (FNAs) on Microsoft Excel – it’s almost medieval.
atWORK has carefully designed South African-specific planning
solutions that are built into our system, and which can save advisors
loads of time and ensure far more accurate results. Doing an FNA
properly ensures that the client is properly covered. It can also
help the advisor to formulate budgeting and tax strategies that
can result in significant long-term savings.
So, it is all about having the right tool for the job?
Yes, that’s half of it. There is so much software available; advisors
have no excuse not to benefit from the latest innovations from
around the world. But the other half is taking advantage of a
nifty thing called an API, to integrate all of these innovations
on one platform. The latest version of atWORK is built using
open systems architecture, which means that integration can
Human relationships are
at the core of financial
planning, but tech can
greatly accelerate success.
happen in both directions: we can add third-party applications
to our system; or your in-house CRM can quickly and easily
pull any aspect of our software (our LISP data, for example)
into that ecosystem.
Using the API platform, we have already incorporated a risk
profiling tool (Finametrica) and an e-signature application
(QuicklySign), to name a few. And
we have our eye on emerging
services like anti-money laundering
software and ID verifiers.
Would you agree that many advisors
understand the benefits, but resist
new software because they are afraid
of change?
Absolutely, and that’s completely normal. Humans are resistant
to change, but a good software provider who really wants your
business will bend over backwards to make the transition as
seamless as possible. No matter how big or small your business,
atWORK will always offer free training (when signing up and on
an ongoing basis) and we will assist with transferring data to the
new system.
What is the one thing you would say to convince an advisor who
is considering new software?
Simple. It’s time to start thinking of
IT as an investment, not a cost. This
is especially true when you consider
the benefits of future-proofing your
system with open architecture.
Finally, what are your thoughts
on cybersecurity? Is it a core
consideration or a side note?
It’s central to everything we do.
Advisors store so much sensitive
personal information that you
have to take security seriously. It’s
a way of respecting your clients.
In my opinion, POPIA is a fantastic
piece of legislation as it protects
each South African’s privacy. Some
advisors think POPIA means more
work, but atWORK is ISO27001
certified so we already had most
POPIA bases covered.
Werner Koekemoer,
Chief Technology Officer, atWORK
100 www.bluechipdigital.co.za