In the past professionals used to rely on conferences to exchange ideas with their peers. Now the advances in technology mean they can check the latest developments in their industry online and pick up ideas about how to expand their client base.
This particularly applies to independent financial advisers (IFAs) who, more than any other professionals, have been influenced by technological advances such as Fintech.
The increased competition for a client pool stretching around the world has led many to suggest that the age of collaboration and information exchange could be over, but is that really the case?
Software for IFAs, such as that provided at https://www.intelliflo.com/ is an example of a sector where competition between providers is fierce, and yet collaboration is increasingly in evidence. Despite battling aggressively for business, these companies still work together where mutual benefits can be garnered. Indeed, one of the consequences of the Fintech explosion has been an examination of the role of banks, with some suggesting the traditional model is broken. Nevertheless, Fintech companies are collaborating with banks, not replacing them, and banks are keen to invest in companies who develop software which could challenge their very existence – https://www.forbes.com/sites/nikolaikuznetsov/2017/04/07/collaboration-is-the-way-forward-for-banks-and-fintech/#4b41c3486fdb.
The relationship between IFAs and their Fintech providers is an area where collaboration is key. This not only helps IFAs to improve their client’s experience but also means the tech companies develop their products.
Clearly, a closer relationship between rival IFAs could help to improve knowledge management in relation to systems in use. Similarly, software providers would benefit from sharing the feedback they have received in the hope of quickly ironing out any repetitive problems.
Another area of concern where closer collaboration between IFAs could help is regulation. This is an area of common interest and is changing rapidly impacting the global market. Sharing information on how it is affecting the industry will help companies find their way through the legislation and minimise its impact on their service to the client base.
By working together to create a guide to best practice, or a book of industry standards, common challenges could be tackled. This may also impact upon the future plans of regulators to the benefit of everyone.
Finally, cybersecurity is an area which has grabbed the headlines, and working closely together can only help companies protect their client base.