There has been a lot written about the impact COVID-19 is having on people across the globe so I don’t intend to cover the same ground here.
What I will say is that no-one should underestimate the effect it will have on the way we live from now on.
As the world fights the pandemic, many people have been rightly identified as heroes and they deserve all the praise they can get. However, I believe there is something else that has stepped up and also deserves recognition.
I’m talking about technology.
Tech is providing a lifeline
As the government prepares to roll out an app that they hope will contain the spread of the Coronavirus and with video communication providing a lifeline to so many people who are isolated from friends and family, I think we can all agree that technology has played a massive role in helping us manage during these strange times.
“Technology in wealth management” was the subject of a recent interview I did with Citywire Wealth Manager magazine. It highlighted just how much technology is now available to advisers to make their businesses more efficient, effective and competitive.
By the time we are through the lockdown, most advisers and clients will be fully comfortable with remote communication – they may even prefer it. And this may lead them to explore what else tech can do to enhance their lives.
Tech is enabling bright futures
Of course, technology is not just about seeing clients remotely, it can also enable advisers to offer a differentiated service to their clients.
In the Wealth Manager interview, I talked about the concept of scalable bespoke or mass customisation. This was the founding principle of PortfolioMetrix as we wanted advisers to be able to offer a bespoke portfolio to every client, regardless of the size of their investible assets.
Whilst this is not new – we introduced it over 10 years ago – it is something that more and more advisers are engaging with as they realise the transformative power that clever technology can have for their business as well as generating better outcomes for their clients.
So, while I very much hope that we never have to repeat what we are going through now, I do see a definite positive in the way it has helped so many people to open their minds to using technology.
Let’s hear it for technology – the unsung hero that’s helping us ride out this pandemic storm and plan for better times ahead.