Heightened regulatory, technological and client demands are propelling the growth of network models, it was revealed at a Benchmark Senior Leaders Roundtable yesterday (July 16).
The Roundtable was hosted by Benchmark CEO Ed Dymott and commercial director Gillian Hepburn, who outlined the results of the company’s Annual Adviser Survey, conducted in April.
It showed that the primary concern among advisers is regulation, particularly following the introduction of the Consumer Duty, which has further strained the time available for client services.
It also identified technology and client retention as growing concerns.
These challenges have led more directly authorised firms to switch to Benchmark, seeking enhanced support for implementation.
To address regulatory hurdles, Benchmark has adopted Medallia’s customer satisfaction and compliance tool, which collects real-time client feedback and communicates it to advisers.
This was developed in response to advisers’ emphasis on assessing fair value using client feedback under the Consumer Duty. It helps identify firms that clients believe provide value and highlights areas for improvement, enhancing service quality and client retention.
Benchmark has also introduced proprietary technology, launching a mobile app, a digital onboarding processes for advisers and digital annual reviews over the past year.
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These innovations are aimed at delivering efficiencies, allowing advisers more time to engage with clients and meet the growing demand for advice.
Ed Dymott commented: “The expectation is not just to take on regulatory responsibility, but also for networks to deliver a complete range of services.
“Benchmark is committed to providing these solutions and has developed a number of tools to help advisers run their businesses more efficiently, with the goal for 2024 to save an adviser at least one hour per client per year, equal to around 20 days of effort.
“These solutions encompass helping with the advice gap through the training of the next generation at our academy to supporting advisers with our proprietary technology. It is through the range of services that we provide that we hope to generate value that can in turn be passed through to the end client and help our industry thrive.”
Gillian Hepburn added: “In our recent Benchmark 2024 Annual Adviser Survey, 77% predicted positive growth for their business and 75% identify Benchmark as one of or the most important partner for their business.
“Being more productive and growing the client base are key drivers this year for advisers, and Benchmark provides the solutions to enable them to do this. While this is driving significant demand to join the network, the quality of adviser businesses joining is extremely important and we work with like-minded advisers who use our range of solutions to deliver positive and appropriate client outcomes.
“Many advisers are also keen to engage with us on exit and succession plans for their business, and in addition to our network services, technology and investment solutions, we continue to see many of them working with us to consider the options available and whether our own financial planning business (Benchmark Financial Planning) might be an appropriate longer-term home for their business and clients.”
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