Chartered Financial Planners may develop ‘robo-process’

A firm of Chartered Financial Planners is looking at introducing some form of ‘robo-process’ to be used prior to a first client meeting.

Equilibrium, headquartered in Wilmslow, Cheshire, is considering the move.

Colin Lawson, managing partner, who founded Equilibrium (then Applewood) in 1995, told Financial Planning Today about the plans.

He said: “At the moment we are beginning to consider developing a robo-process prior to our first meeting with a client to speed up the process and therefore potentially reduce costs.

“However, we know that even if a robo-process is introduced this will never replace a need for face-to-face interaction.

“We would never eliminate meetings in person – these are crucial for open discussion and to help facilitate a financial planning coaching approach.

“We believe that they will always be required to explain more technical information and enable clients to talk through their objectives, particularly as individuals accumulate their wealth and their circumstances become more complex.”

He added: “We are constantly evolving. Over the past year we have invested heavily to improve technology and facilitate a more effective and efficient service delivery.”

The firm has expanded its staff by over 20% in the last financial year and now has a team of 57. The client base grew by over 100 families in this period.

Mr Lawson said: “Unusually in the industry, our ratio of Paraplanners to advisers is high at around 5:1. We look to continue this ratio to ensure all clients are given an efficient and personalised service so we’re on the hunt to recruit another handful during the coming year.”

The Chartered wealth management company has recently celebrated its 21st anniversary.

Asked how the industry has changed in this time, Mr Lawson told FPT: “Over the years the industry has gone through somewhat of a shift – from being more of a sales and transactional based one (with a focus on selling products) to one with a more holistic approach to wealth management to offer full financial planning services.

“What we perceive as a major challenge is the recruitment of graduates with the passion and softer skills required to succeed in this industry. Such an important part of the service we provide at Equilibrium is client care.

“Our recruits need to not only have the technical knowledge and expertise to be able to give the best advice to our clients but they also need to be able to speak as ‘friendly expert’ to present information to clients in an accessible way.”