‘Proof is in the pudding’ for Dynamic Planner triple partnership

Hook-up aims to ease burden on advisers

Dynamic Planner (DP) has announced three separate partnerships with back office software provider Intelliflo via its Intelligent Office system, pensions provider Royal London and VitalityInvest, but experts say the “proof is in the pudding”.

DP said the integration allows advisers the ability to quickly and accurately review a client’s current portfolio, as well as increase efficiencies.

In a press release, DP chief executive Ben Goss (pictured) said integration with Royal London and VitalityInvest will enable advisers to do all of their work in one place and streamline their efforts.

“With Intelligent Office, there is no other financial planning service which can take as much data out of Intelligent Office and put it back into it,” he added.

Wait and see

Heather Hopkins, managing director of NextWealth, argued that while it is “terrific news”, the industry will have to wait and see if it succeeds.

“In research we did for FundsNetwork earlier this year, business efficiency was the second biggest business challenge for advisers,” she said. “Advisers want their technology infrastructure to knit together better so they can spend more time advising clients.

“However, the proof is in the pudding. We often hear about technology integrations with great promise but that fail to deliver. Some of these integrations need significant investment from the adviser firm to work correctly.

“I am sure that Dynamic Planner and their partners have tested the integrations fully, but the proof will be when more advisers implement the solution in their businesses.”

Expected direction of travel

CWC managing director Clive Waller, said he believes this is very much the expected direction of travel.

He explained that the strategic drivers of this partnership are likely to be digitalisation, integration, scale and vertical integration.

Last year in June, Invesco entered a direct relationship with advisers with the purchase of the back-office software provider Intelliflo for an undisclosed sum.

Waller said: “Asset managers are very concerned about Mifid II, about passive investment, about too much competition and lack of control. They are buying robos, probably as a defensive measure to understand them and their technology. By buying firms such as Intelliflo, they will acquire data on advisers. They would like to own platforms and sell to the public, but the UK public prefers intermediaries.

“DP are doing what I would expect, using their already successful brand to integrate with other successful players – making it easier for more advisers to use them.”

One-stop-shop isn’t an option

Waller said that for current players to survive, “they will need to drive down cost and increase efficiency”. “There are simply too many sub-scale asset managers, advisers and technology businesses.

“The one-stop-shop isn’t any longer an option – people want best of breed. However, scale is required, as is integration. Advisers will use a stack of systems that will talk to each other without re-keying etc.”

Goss said that these partnerships and integrations have been a long time in selection and planning. “Each integration offers time saving and improved accuracy. The bottom line from our perspective is we strive to make our advisers and their firms as efficient as possible.

“With rising pressures on UK advice firms to improve business processes we will continue to partner with organisations that help us deliver a better experience for our clients.”

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