Technology provider 1st Software is expanding its services to help IFAs develop their businesses post-depolarisation.
1st Software is rebranding as First as part of a change in direction for the firm. It will now offer IFAs business consultancy and time management services under the slogan “create time for advice”.
Executive chairman Rory Curran is writing a White Paper for advisers explaining how they can develop their businesses.
He believes IFAs need to look carefully at how they can restructure their firms using technology.
Curran thinks the menu represents a clear opportunity for advisers to restructure through examining their services and charging structures.
He says he believes advice is shifting away from products towards long-term advice, where remuneration will be linked more closely to ongoing service. Curran says he thinks advisers need to recognise that they are selling their brainpower and solutions to financial problems and price their services accordingly.
He says: “The impact of regulation and the general inefficiency of the industry have forced many advisers to spend the majority of their time on non-income-generating tasks. In fact, it has reached the stage where this is the accepted working practice of many advice firms and unless there is a change, many adviser firms will become unviable.”