Request demo

By Ben Goss

Back in the late 1990s, I left my job to found an internet startup. I remember the sense of possibility at that time, the expectation that everything would change. And, 25 years on, so it has proved.

From banking to buying car insurance to planning a holiday, we do everything online, and increasingly on our mobiles. The pace of change has been unprecedented. New digital technologies such as mobile, AI and personalised content have the power to transform your business. Not tomorrow but today.

At Dynamic Planner, we’re focused on harnessing their full potential to scale your success. In the advice industry, we have our own megatrends. Consumer Duty requires ongoing servicing to be delivered to customers in return for ongoing fees. Capital is being invested at unprecedented levels and demand for advice is outstripping supply.

A two-year development. A 20-year dream

According to the FCA, 4 million people received advice in 2022, but 10 million could have benefited from it. We know from our research and conversations with you that you’re bullish about the opportunities. But we also know that there are some material challenges that stand in the way of your ability to create the capacity in your business that makes profitable growth possible.

Heavyweight engagement models that rely on formal ‘advice episodes’, with their accompanying compliance overhead, suck up time for advisers and clients alike. So, at Dynamic Planner we asked ourselves, what if we could change these for you? What if we could remove the blockers and create more capacity for you digitally?

Our latest innovation at Dynamic Planner is designed to help you scale your success with engaging financial planning that is valued by the client, and that is less work for your firm, not more.

We’ve been working on this development for the last two years, but it’s something we’ve dreamt about for 20: the idea of helping you put a financial plan in the palm of the client’s hand.

Your new app by Dynamic Planner

We want to help you enhance your digital provision in a Consumer Duty world and demonstrate the ongoing value of your services. We want to enable you to engage clients via a meaningful digital experience. And we want to create capacity in the advice process, to drive the productivity gains you’re looking for.

We’ve built the digital future of financial planning, Tram, your new app powered by Dynamic Planner.

It’s a clean canvas your business can white label and enables your clients to check that their financial plans are on track. It is somewhere they can feel reassured, supported, and special. They can read regular content which is targeted to them. And they can securely message you.

First thoughts from advisers and clients

During early trials of Tram, what have businesses like yours said? Here’s one adviser: “We’ve been really, really impressed. The app itself is aesthetically pleasing and has a premium feel. And the content is a real USP and sets it apart. It adds to our proposition and provides the client with a great experience.”

Consumers themselves, who have been granted early access, have said of Tram: “Clear, crisp, and simple. My information being available was seamless and easy to get to the point where I could get started. The biometric login was very helpful. Having access to the app means I don’t need to speak to my adviser as often. I can see myself checking this on a weekly basis.”

Exciting, to say the least.

I feel the same possibility now that I did back in the late 1990s. Technology is transforming financial advice and there is so much we can achieve. We look forward to working with you in the year ahead to help you maximise the value of Dynamic Planner, to your business and to your clients. I feel confident that together we can scale your success.

Tram, your new app by Dynamic Planner. Register your interest and as nears launch later this year, we’ll keep you on track with its progress.

Published 5th March

Speaking to over 700 financial planning professionals at the 12th annual Conference for Dynamic Planner, the UK’s leading risk based financial planning system, CEO Ben Goss said: “We live in the most extraordinary of times, the speed of change is unprecedented, and technology is driving this transformation.

“In the advice industry, we have our own megatrends. Consumer Duty requires ongoing servicing to be delivered to customers in return for ongoing fees. Capital is being invested at unprecedented levels and demand for advice outstrips supply in this country. In 2022, four million people received advice– but 10 million people wanted it.*

“We know from our research and conversations with organisations delivering wealth management and financial planning services they’re bullish about the opportunities this presents, but there are material challenges that stand in the way of creating the capacity that makes profitable growth possible. While there are blockers such as variable data quality and time-consuming compliance requirements, we also know that new digital technologies such as mobile, AI and personalised content have the power to transform the financial planning and advice industry – not tomorrow, but today.

“We asked ourselves, how could Dynamic Planner help the advice industry remove these blockers and create more capacity? What can we do to enable our clients to harness their full potential to scale their success? Today we are announcing key areas of innovation that will deliver just that.

“The first is accurate data, we now use the latest ‘low code technology’ in conjunction with continuously deepening integrations that are important to our clients, adding Salesforce, Zoho and Durrell, recently, with more to come. With these new data flows we’re proud to say that our clients delivered annual reviews to over 338,000 households in the last 12 months, and that across the whole of Dynamic Planner users now 80% of advisers produce reviews in 35 minutes or less, 20% complete them in less than five minutes.

“The next key area is ever faster and more accurate automated analysis. In the past year, we’ve introduced the ability to value DFM models in the review process and launched our Single Strategy Mapped service, designed to deepen the accuracy of risk analysis within Dynamic Planner. Today we are launching DFM performance reporting for client reviews. At launch we are providing performance across over 900 DFM portfolios from 53 providers meaning that annual reviews for clients holding DFMs is as efficient as those holding packaged products.

“And to revolutionise the digital customer experience, we are launching Tram™ – keeping your financial plan on track – our latest innovation designed to help organisations scale success with engaging financial planning that is immensely valued by their clients. We’ve been working on this development for the last two years, but it’s something we’ve dreamt about for 20: putting the financial plan in the palm of the hand.

“The Dynamic Planner System now has modules which cover a client dashboard, profiling, reviews, recommendations, cash flow planning, research and suitability as well as added deep capabilities in firm administration, MI and target market configuration integrated into the most widely used platforms and practice management systems.

“We’re leading the way with R&D spend in the financial planning space and as a Microsoft Gold Certified Partner we’re making use of the technologies in Microsoft Azure, including OpenAI, to innovate for the future. We’re curious about the possibilities for AI and hyper-personalised content in financial planning and we’ve taken the first steps on that journey.

“I feel the same sense of possibility today that I did in the late 90s as the Internet emerged. Technology is transforming financial advice and there is so much we can achieve. We want to help advice organisations to digitise in a Consumer Duty world and demonstrate the ongoing value of services. We want to enable firms to engage clients via a meaningful digital experience so they can attract their next generation. And we want to create capacity in the advice process to drive the productivity gains they are looking for. We’ve built the digital future of financial planning for the advice industry to use today.”

Published 5th March

Dynamic Planner, the UK’s leading risk-based financial planning system, has launched ‘Tram’, a brand-new digital engagement app white labelled to financial planning organisations and designed to keep customers engaged with their financial plan like never before.

Powered by Dynamic Planner, Tram – keeping your financial plan on track – does the following:

  1. Helps firms meet the needs of Consumer Duty and deliver ongoing value to support their ongoing service and fees;
  2. Delivers meaningful digital engagement which appeals not just to existing clients but also to the next generation of a firm’s clients and;
  3. Creates capacity for firms so that they can grow and scale their business.

Uniquely Tram tracks clients’ progress against their financial plan, goals and agreed risk level, provides daily valuations and delivers personalised content aligned to their target market. In line with Consumer Duty it places the outcomes the customer is looking for at the centre of the service. It is available for both Apple and Android phones. Tram offers end clients true digital engagement and is designed to ensure they feel special, gain reassurance from their adviser and want to return regularly to the app.

Ben Goss, CEO, Dynamic Planner said: “We have been working on the development of Tram for two years, but it is something I have dreamt of bringing to life since founding Dynamic Planner. The idea of putting the financial plan in the palm of your client’s hand so they can keep track and you can deliver value 24/7 – but with low marginal cost – is transformational.

“Transformational for your clients and their access to your help and advice, but also in terms of the cost to serve clients and the capacity it can put back into your business. With Consumer Duty shining a spotlight on adviser ongoing charges and demonstration of value, creating capacity in the financial advice process in order to scale is paramount. Tram will offer valuable time and efficiency advantages at scale to advisers, as well as an enhanced ability to attract and retain the next generation of clients.”

Tram harnesses the API technology on which the Dynamic Planner digital planning and advice platform is built and also takes advantage of the multiple integrations in place between the Dynamic Planner platform and relevant CRM/practice management systems, platforms providers, custodians and asset managers. It is white labelled so that advice firms can align the look and feel with their own brand, offering clients a seamless experience.

Ben Goss continued: “The world is now mobile led and financial services is consumed more than ever via apps. We’ve invested heavily in the UI to ensure that Tram is every bit as slick and appealing as the best of any apps already on your client’s phone. We have also blended our expertise around best practice behavioural finance with best practice design, creating an app clients will want to come back to.

“Tram literally puts you, the adviser, in the client’s pocket – it will strengthen the partnership between adviser and client, and powered by Dynamic Planner’s technology, it will drive the future of digital financial planning and advice.”

Tram is currently live with a number of advice organisations, with Dynamic Planner opening up usage to a wider group of early adopters post its annual conference.

The Dynamic Planner Investment Committee (IC) met on Tuesday 23 January, coincidentally called ‘Super Tuesday’ in the US state of New Hampshire, where the race for the White House began with primary elections for the Republican party nomination. In fact, elections are expected to cover around 60% of world GDP over the course of 2024, so plenty for investors to ponder should there be promises of unfunded tax cuts, more protectionism or increased fiscal profligacy. But no doubt the ‘re-match’ in the US will be the centre of global attention.

As the impact of higher energy and food prices has subsided, and supply chains for globally traded goods have normalised, headline rates of inflation have fallen significantly over the course of 2023, but remain much higher than Central Bank targets.

The IC reflected on the still high embedded inflation expectations and the current market fixation about what the US Fed plans to do next with interest rates (following its pause announcement in November). Premature expectations of early and deeper cuts have propelled the S&P 500 to record highs, whilst earnings growth, retail sales and industrial production levels have remained flat at best.

The global economy looks set to slow in 2024, as fiscal policy starts to drag on growth and higher interest rates weigh on household and business activity, with excess savings built up during the pandemic largely spent. By stripping away the impact of the massive fiscal stimulus measures, the likelihood was that the US economy has been in intermittent periods of recession during 2023.

The US and Global government bond yield curves remain inverted, and interest rate normalization is required as high non-transitory inflation expectations persist. With slow growth, lower tax revenue, eye-wateringly high government debt and fiscal deficits, and Central Banks unwinding their balance sheets with QT, there will be a rising supply of bond issuance at a time of declining investor sentiment / demand. Hence the curve is expected to steepen at the longer end, resulting in negative real bond returns into the foreseeable future. The risk of greater economic volatility and a potential global government debt crisis persists, despite recent market optimism.

The IC discussed the potential of AI (particularly generative AI tech) on productivity and employment, with echoes of a potential ‘dot.AI’ bubble, given the 25% concentration of the US stock market in the ‘Magnificent 7’ tech stocks. As AI will help drive robotics and accelerate onshoring, the implications of a diminishing competitive advantage for China and emerging markets were noted.

There were no changes made to this quarter’s capital market assumptions, which follows a consistent process of long-term analysis. In preparation for the annual strategic allocation review later in the year, the IC reviewed ongoing analysis of additional asset classes / risk factors to be potentially included in the model. It continues to ensure that the markets and instruments being used by our asset management clients are accurately represented in Dynamic Planner.

Read the full Q1 2024 analysis from the Dynamic Planner Investment Committee.

Dynamic Planner, the UK’s leading risk based financial planning system, has boosted its data analytics offering with two Data Engineer appointments.

Saranya Vadrevu and Rohan Nandi have joined Dynamic Planner’s Data and Analytics Team led by Business Intelligence Manager, Abhishek Vethanayagam. Together they will drive data-led decision making and provide advanced analytics solutions across strategic initiatives. Saranya will lead the development of data services for advice firms, and Rohan will lead the development of data services for asset managers.

Abhishek Vethanayagam, Business Intelligence Manager at Dynamic Planner said: “With a wealth of experience in data engineering, machine learning, and prescriptive analytics, Saranya and Rohan will enable Dynamic Planner to harness the power of data to support strategic decision-making, optimise processes and drive business growth through the development of data services for the industry.

“This year will see us supporting advice firms and asset managers with key Business Intelligence and Management Information, as well as beginning to explore how AI can be incorporated to drive innovation. Rohan and Saranya will play a key role in this and I look forward to moving our plans forward with them.”

Dynamic Planner, the UK’s leading risk based financial planning system has opened registrations for its 12th annual Conference on 5th March at 22 Bishopsgate in the City of London.

This year’s ‘Scaling Success’ themed event, will see hundreds of financial planning professionals attend to hear how they can scale advice businesses through leading, end-to-end technology; scale client data through innovative, integrated systems of record; and scale loyal client bases with good outcomes running through their core.

CEO Ben Goss will provide his annual keynote which will reveal exclusive announcements and the latest news from Dynamic Planner. Delegates will also take away unique and valuable insights from exclusive speakers, as well as from the UK’s leading Chief Investment Officers, analysing today’s outlook for global markets and investment portfolios on the 2024 CIO panel.

Yasmina Siadatan, Chief Revenue Officer at Dynamic Planner said: “Join us at our not-to-be-missed 12th annual Conference for 2024, once again in the heart of City. Come and experience the power of the financial planning community and explore how together we can scale success for your clients, for you and for your business.

“Anyone who has attended in the past knows that our annual Conference always promises to be a fantastic occasion. We look forward to welcoming clients and prospective clients to our Scaling Success themed event on Tuesday 5th March.”

Delegates can register here. Anyone unable to travel to the event can join as a virtual conference delegate, live streaming keynotes and all Main Stage sessions in broadcast-quality. Dynamic Planner’s 2024 Conference agenda can be found here.

Dynamic Planner, the UK’s leading risk based financial planning system, has launched a pioneering approach to single strategy fund mapping.

Available from today, Dynamic Planner’s Single Strategy Mapped Service is designed to assist the advice industry in making the most accurately informed decisions when it comes to single strategy fund selection. The Single Strategy Mapped Service takes single strategy fund selection to the next level, giving advice firms the ability to create diversified portfolios with far greater accuracy, and clearer, more representative risk look-through to ensure suitability.

Through the precise mapping of instrument-level holdings data against Dynamic Planner’s risk factors and Asset Risk Model, Single Strategy Mapped Service provides greater accuracy and efficiency in the use of single strategy funds, and for the first time, with the same rigour as multi asset solutions.

Dynamic Planner achieves this by sourcing single strategy fund holding data directly from fund providers, rather than via third parties at broad asset allocation level, which enables a level of granularity not previously possible. In addition, with the increasing responsibility assigned to fund managers and how their funds are used through regulation such as Consumer Duty and PROD, Dynamic Planner is also able to support the different asset management models that are emerging as a result.

Chris Jones, Chief Proposition Officer at Dynamic Planner said: “As financial markets have evolved and become more complex, we have ensured that we accurately analyse the underlying holdings of the solutions that we risk profile and map them to our risk factors within our trusted Asset Risk Model. Dynamic Planner users who also build advised portfolios have asked for the same level of granularity and we are pleased to be able to support them with the Single Strategy Mapped Service.

“The new service will provide them with a level of granularity not previously possible, greater efficiency and accuracy, and all within one system with a consistent level of risk throughout. However you organise your business and decide to meet the needs of your clients Dynamic Planner can support you.

“From a PROD and Consumer Duty perspective the Single Strategy Mapped Service also enables the fund manager to more simply and clearly communicate whether a fund is intended to be distributed as a solution or part of a portfolio.

“Recent geopolitical events have raised the awareness and importance of things such as duration, cap size and location within a traditional asset class not only amongst our users but also their clients. We hear that being able to view and discuss this using Dynamic Planner has been very helpful with solutions and we are pleased to support single strategy funds in the same way.”

Key Benefits of Single Strategy Mapped Service

The Single Strategy Mapped Service is part of the research journey in Dynamic Planner which continuously evolves to support the needs of users and now includes:

Not a Dynamic Planner user? Schedule a free no-obligation demo with a business consultant and experience the full functionality of Dynamic Planner.

A new low code integration platform now enables your firm to integrate Dynamic Planner with other systems you use to manage your client relationships. Compared to Open API, low code integration provides an even simpler way to integrate technology, managing much of the complexity of mapping your client data.

What does it do?

Initially, Dynamic Planner’s low code integration enables you to create or update client [and their partner’s] details in Dynamic Planner. For example, if you have a CRM system which isn’t integrated to Dynamic Planner, we hope this provides a straightforward way of sending client details to Dynamic Planner, without having to invest too much time building an integration.

Specifically, the integration will check and allow you to match the incoming client details to your clients which already exist in Dynamic Planner, minimising duplication and ensuring Dynamic Planner remains a clean and reliable system of record for your firm. After first creating or matching a client, subsequent information received about that client will be treated as an update, without needing to match again.

What’s the difference between low code and Open API?

Dynamic Planner’s low code integration is built on top of its Open API, extending it to enable users and firms to build integrations with the system faster.

The Open API provides a lower level of control and access to a wider range of data items in Dynamic Planner. However, to create an integration, the system on the other side of the integration has more to do, other than sending data over. The shape of the data in the other system will likely be different to what is required in Dynamic Planner, so mapping will be required.

How does it work?

We’ve deliberately designed Dynamic Planner’s low code integration to have a simple interface. To create or update a client [and if appropriate, their partner] using it, you are presented with a simple set of options:

  1. Login to Dynamic Planner [if you don’t already have an active session]
  2. Confirm your organisation [helpful if you work across advisers / teams)
  3. If it’s the first time Dynamic Planner has seen this client ID, you’ll see potential client matches
  4. If the client is new, you see the data you’re set to add to Dynamic Planner
  5. If the client exists, you see how updated data will update details already in Dynamic Planner
  6. Once import is complete, you’ll be directed to Dynamic Planner and the respective client’s dashboard, where you can continue working

How do we imagine this being used?

Dynamic Planner already has deep integrations with intelliflo office, Iress Xplan and Time4Advice CURO. But there are lots of CRMs out there. Dynamic Planner’s low code integration offers a simple way for firms who use them to begin integrating with Dynamic Planner – without having to invest so much time and effort. As always with integrations, the possibilities are endless. We’re excited to see how Dynamic Planner’s user community adopts and adapts this ability.

Need deeper integration?

We’ve intentionally kept the low code integration simple, to make the ingestion of client data quicker and simpler. If you want to import arrangements, and incomes and expenditures, we suggest looking at Dynamic Planner’s Open API, a more traditional RESTful API which makes more data available. However, you will have to write more code to manage the more sophisticated processes.

What’s next?

Over time, at Dynamic Planner, we plan to expand the low code integration to enable more data to be pushed into Dynamic Planner, and allow different planning processes to be launched automatically.

If you would like to make use of Dynamic Planner’s low code integration, reach out to the team and email us at Integrations@DynamicPlanner.com . We will be happy to support you and provide more details.

It is that time of the year when we, as market watchers, pull out our crystal balls. Just as we dust ourselves off from the past year, we look to the one ahead, either with anticipation or trepidation.

Taking a moment to look back, it has been an extraordinary year – from the tremendous gains from a handful of stocks to a synchronous increase in interest rates from Central Banks to whiplash from the bond markets. Given that towards the beginning of the year recession was the only alternative, most investors have been surprised by the resilience of developed market economies, despite persistent inflation, but buoyed by better-than-expected unemployment numbers and wage growth.

Although the cost-of-living crisis continued apace, consumers, so far, have been surprisingly resilient in the face of sustained pressure on household finances from inflation and high interest rates. This has flowed through the developed market economies, especially in the US, leading to stellar growth, with the Eurozone and UK lagging behind. Though we near the end of the year with thoughts of a well-engineered ‘soft landing’ by central banks, the situation remains far from clear – with numerous alternatives to be considered.

From a macro-economic perspective, we now enter a period of change. Since 1980 till last year, we have been in a world where interest rates have declined. More so, since the Financial Crisis of 2008, we have been through a period of low economic volatility, low inflation and low rates but high realised returns. There now appears to be a change in the wind.

We are at levels of interest rates last seen before the financial crisis, but even more challenging has been the speed with which Central Banks have ratcheted up rates. Naturally, this has caused volatility in markets – but what has been unnatural has been the fact that while volatility in equity markets has dropped, fixed income volatility has remained elevated as can be seen in Figure 1. This has wreaked havoc with low-risk portfolios which have been, traditionally, heavy in fixed income. If there is one certainty that we can speak about, it is that volatility will be our constant companion for the coming year. Were it to be constant, volatility in and as of itself would not pose a problem – it is expected that the volatility of volatility will be high, creating peaks and troughs in volatility levels.

Although inflation has declined over the recent past, the effect of the change in monetary policy is yet to be fully understood. Milton Friedman said monetary policy acts with ‘long and variable lags’. The economic resilience of the past year can partially be attributed to savings of households from the different pandemic related stimuli, as well as widening government deficits. As the level of savings decline, faced with the real reduction in disposable income (Figure 2) from the cost-of-living issues, one can expect a deterioration in consumer demand, resulting in lower growth.

This can already be seen feeding into consumer and business confidence, which are considered lead indicators of economic activity. High interest rates also affect corporates. Taking advantage of the low interest rates, most corporates increased the amount and maturity of their borrowings. This can be observed from credit spreads, which have not followed their usual widening pattern, following interest rate increases. As a result, the corporate default environment has been very benign. However, when time comes for refinancing, these companies may be faced with an increased cost of capital, which may materially alter the corporate bond market. It has only been about three quarters where the high base rates have had an opportunity to reset and have impacted company cash flows. This has resulted in a reduction of free cash flows for numerous business which have borrowings which are not aligned to maturity structure of their assets, be it tangible or non-tangible. The need for refinancing capital may make some capital structures put in place inappropriate and unreliable.

One may look back at equity markets globally and would be hard pressed to complain. However, one takeaway has been that diversification did not pay – Figure 3 shows a wide disparity between Growth and Value stocks. An equally weighted holding in the ‘Magnificent Seven’ stocks doubled in value over the recent year, while the S&P 500 gained circa 20%. This has resulted in the weight of these stocks in the S&P Index to be around 29%.

In relative terms, while growth assets did very well, defensive assets like bonds lagged. While this is not abnormal in late cycle dynamics, the egregiousness of outperformance is. This is not expected to continue going forward as cyclical pains appear to have been delayed and not eliminated outright – a typical scenario where the can has been kicked firmly down the road. While valuations in Large Cap equities appear to be stretched, the same cannot be said for Mid or Small Cap stocks. These stocks are typically more influenced by local economies rather than the more global Large Cap stocks and as a result, seem to have factored in the recession probabilities to a larger extent. As a result, one could possibly expect a rotation into stocks lower down the capitalisation ladder – which may expose portfolios to greater drawdown risks as liquidity gradually dwindles in these markets, as fiscal tightening takes hold.

China, which has recently been the driver of global economic growth, has been impacted by structural issues stemming from the real estate sector. The sector has been a driver of growth in China, with it accounting for almost half the local government revenues. The recent well documented wobbles in the sector exposed the reliance of China’s financial and government sectors on real estate and its associated infrastructure development. The administration has ruled out blanket bailouts in favour of ‘remodelling’ the debt-stricken sector to further extend support to the ‘stronger’ developers whose bankruptcies could trigger wider financial contagion by encouraging bank lending, bond issuance and equity financing. The overall aim is to reduce the reliance on this sector, while maintaining a sizeable presence.

One must remember that China is a developing economy in transition from a primarily export and manufacturing oriented one to a consumer driven one. This transition is not easy given the trade restrictions in place from developed economies and the simmering tensions between itself and the developed world, primarily led by the US. If the transition is well managed and the market stabilizes, the economy will continue to grow and fuel global growth, but the path may be painful for all involved.

To cap it all, geopolitical risk is back on the horizon. While the Ukrainian war rumbles on, the Middle East is embroiled in further violence. While Europe has more or less weaned itself off Russian gas, uncertainty in the biggest oil producing region could risk creating stickier inflation through higher oil prices and potentially weighing on global asset prices. This would have a greater impact on Europe rather than US, given the latter has a larger domestic production base. Upcoming elections in the US, UK and India also creates an overhang of possibilities of global tension and uncertainty, already exacerbated in a polarised world.

To conclude, two words would define the outlook for the coming year – ‘cautious’ and ‘selective’. To give a twist to the old adage, if we manage to take care of the risks, the returns will take care of themselves. A successful navigation of the upcoming year will depend on how cautious we are in our approach and how selective we are of the risks we include within our allocations. It is clearly a case of keeping dry powder, which will be instrumental in taking advantage of material opportunities which will definitely arise once the markets readjust to the new regime.

Hear more from Abhi Chatterjee, on the Chief Investment Officer Panel, at March’s Dynamic Planner Conference.

In what has been a challenging year from both an economic and regulatory perspective, resilient advice firms are embracing change and looking to the future, reveals new research from Dynamic Planner, the UK’s leading risk based financial planning system.

Published today, Dynamic Planner’s third annual Spotlight Report ‘Resilient and Embracing Opportunity: The financial advice landscape in 2023’, has found that while regulation was cited by 1 in 4 as being the no 1. headache for 2023, firms have shown their mettle, with 9 out of 10 confident they have met the key outcomes of Consumer Duty despite the significant challenges it presented.

Technology has been a key enabler, with 85% of the group, drawn from one of the largest advice communities in the UK – the 6,950 users of Dynamic Planner – saying it has improved their ability to serve clients, and close to three-quarters believing it is also helping them to meet regulatory requirements.

Yasmina Siadatan, Chief Revenue Officer at Dynamic Planner said: “The financial advice industry has embraced technology and its ability to help firms meet regulatory requirements, whilst unlocking productivity gains and deepening client relationships. Advisers were faced with a significant test this year in the form of Consumer Duty – but despite the challenges, the mood is one of resilience and looking to the future.”

Overall, the picture that emerges from this year’s survey is of a thriving industry. Firms continue to increase adviser numbers, and the vast majority of advice professionals are serving more clients than they were three years ago. However, 2023 undeniably brought challenges in the form of a more difficult economic environment and a major regulatory deadline. As a result, the picture is more nuanced than it was in 2022.

Key findings for 2023 include:

Yasmina Siadatan continued: “Overall, despite the economic environment and regulatory shift, the mood is positive, and some of the challenges may be easing as 2023 draws to a close. Although Consumer Duty implementation has not been easy with firms viewing regulation as their biggest headache – they also are confident they have got it right.

“Firms are making significant productivity gains through the use of apps, tools and other new technologies, allowing advisers to service more clients more efficiently. As these efficiencies grow, firms could unlock the ability to service lower-value clients – something they currently identify as too time-consuming for the profits available.”

Download the full Spotlight report.