In this episode of The Trusted Adviser, Rob Pyne speaks with Peter Worn from Finura Group about the critical role of technology in financial advice. They discuss the importance of navigating conflicts of interest in tech consulting, the opportunities and risks associated with AI, and how to maximize existing technology investments. Peter emphasizes the need for a structured approach to technology decisions, including understanding the jobs to be done framework and the importance of choosing the right document management system. They also touch on preparing a business for sale and identifying leadership issues that may masquerade as tech problems. The conversation concludes with key takeaways for advisors looking to enhance their tech strategies.
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SHOW NOTES
Topics Discussed
- Technology as a servant to business strategy.
- Jobs to be done for advisers and clients.
- Industry platforms versus enterprise CRMs.
- When Salesforce and Dynamics make sense.
- The law of diminishing returns in small firms.
- AI use cases that are working in advice today.
- File note automation and paraplanning support.
- Copilot agents and workflow standardisation.
- Document management decisions.
- SharePoint versus Box.
- Data structure and governance.
- Cybersecurity as an acquisition signal.
- Technology decisions in M&A readiness.
- ROI frameworks for tech investment.
- When technology is the wrong problem to solve.
Episode Highlights
(Timestamps are approximate)
- [00:00] – Introduction to Technology in Financial Advice
- [02:44] – Understanding Finura Group’s Role
- [05:37] – Navigating Conflicts of Interest in Tech Consulting
- [08:24] – The AI Landscape and Its Challenges
- [10:55] – Evaluating AI Solutions and Avoiding FOMO
- [13:55] – Maximizing Existing Technology Investments
- [16:33] – Streamlining Tech Stacks and Reducing Duplication
- [18:52] – Jobs to Be Done Framework in Advice Practices
- [21:40] – Deciding Between Industry Platforms and CRMs
- [28:45] – Tech Sanity: Navigating Technology in Business
- [29:20] – AI in Advice: Transforming Content Creation
- [31:37] – Effective Client Communication with AI
- [33:00] – Data Management: The Role of AI in CRM
- [34:09] – Leveraging Copilot for Workflow Efficiency
- [37:07] – Document Management: SharePoint vs. Alternatives
- [40:55] – Understanding CRM Implementation Costs
- [46:32] – Evaluating ROI: Cost vs. Impact
- [49:46] – Preparing for M&A: Technology Considerations
- [53:56] – When Technology Isn’t the Solution
Quotes
“Technology should serve strategy, not dictate it.” – Peter Worn
“Most firms already own tools they are not fully using.” – Peter Worn
“AI makes confident mistakes.” – Peter Worn
“The risk reward ratio for SOA automation is not there yet.” – Peter Worn
“Clean data beats clever tools.” – Peter Worn
“Tech problems are rarely tech problems.” – Peter Worn
“Polish your shoes.” – Peter Worn
“Meetings per adviser is one of the most powerful productivity levers.” – Rob Pyne
Key Takeaways
- Technology is a critical part of financial advice businesses.
- Conflicts of interest in tech consulting can lead to poor decisions.
- AI can enhance client communication and content generation.
- Maximizing existing technology is often overlooked.
- Understanding the jobs to be done can streamline processes.
- Choosing the right tech solution depends on business size and needs.
- Document management systems should be chosen based on integration capabilities.
- Preparing for a business sale involves standardizing technology.
- Leadership issues can often masquerade as tech problems.
- Self-awareness in business decisions is crucial for success.
Resources & Links
- The Trusted Adviser: https://thetrustedadviser.com.au/
- Finura Group: https://finuragroup.com/
- Connect with Rob Pyne on LinkedIn
- Connect with Peter Worn on LinkedIn
- Follow The Trusted Adviser Podcast
Show notes and transcript
For the full show notes and transcript from this episode, head to the episode page on The Trusted Adviser Website here.