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Implemented Portfolios News

The Locked Down Adviser – Michael Rouse

What lies at the heart of your practice has changed (arguably for the better)

In the not so distant past, “which financial planning software do you use?” was typically one of the first questions in a bid to differentiate an advice practice and how it operates.

It was also one of the first major decisions a principal would make when starting a financial advice business – to ‘choose their weapon’ so to speak.

And that was logical for the time. What that “weapon” was predominantly used for was to provide confident, clever financial plans. Producing a Statement of Advice was in many ways considered to be the centrepiece of the advice process but as our profession has evolved and improved, the things that define the work of advisers, have as well.

That’s not to say that SoAs and the technology that advisers use to produce them aren’t essential.  However, according to Michael Rouse who joined us last week on The Locked Down Adviser ‘you’re not differentiated by your financial planning software anymore – one could argue that you never were.’

Michael who is the Founder and Director of Creativemass (a global technology firm whose flagship software – WealthConnect delivers the world’s first investment and compliance platform based solely on Salesforce) attributes this refocus to a complexity shift. One where the things that that used to be really hard and complicated within the advice process have changed over time.

Michael believes that now, the single most important and complex thing to consider when running your advice business is the way you engage your clients. It’s what embraces who you are as a practice, and is arguably one of the fundamental ways in which your clients determine the value of what you do for them.

Your financial planning software is necessary of course – it needs to exist, to produce plans and do its thing. But according to Michael – it’s less important for your financial planning software to be INCREDIBLE and far more important that it simply functions the way you need it to. (A sentiment universally shared by those tuning in.)

According to Michael, advisers are still choosing their ‘weapon’. It’s just that the ‘weapon’ (in its traditional sense) doesn’t lie at the heart of a practice anymore. Client engagement does. And the technology solutions that will be leading the pack in the future, will be the ones that focus on enabling you to engage your clients effectively, efficiently and in a personalised manner.

For more on current AdviceTech trends and to delve deeper into some of Michael’s valuable insights, click here to view the full webinar recording.


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