You’re desperate to fix the quagmire of systems and software you currently have, and replace it with the convenience of easily stored and accessed information — what you want, when you want it.
Ditto for everyone else in your office. Except that Larry in accounts doesn’t use the system for quite the same reason as Hasem in sales or Lisa in marketing, while Justine doesn’t even use the system at all. All of this, while John, as FSR-licence holder and chief bill payer, wants only key bits of information stuck conveniently in one place.
Multiply this by the number of advisory practices in a dealer group — and the decision-making processes necessary just to install a solution in the first place — and it’s clear a new ‘solution’ can easily become a new headache.
Following are four points to guide you through this process.
1. What’s in it for me?
Financial services in particular has a tendency to carefully evaluate technological innovation — for the same reason new investment propositions and companies have a tough time finding market acceptance until they have established a track record.
There are exceptions to our slow technological takeup rule, though, particularly at the advisory practice level.
Good examples are master trust/wrap platforms and planning software. These share a common ingredient in their success — usually described as the ‘WIIFM’ principle — or ‘What’s in it for me’.
What the introducers of these systems realised was that the appetite for new solutions does exist, and the barriers opposing take-up will fall, providing they could prove in a very concrete way the benefits for users.
For dealer group principals, it often involves the cost savings and a return on investment equation. For managers it may be about the power of reporting. For those entering data it is almost always related to the ease of use.
Once they developed strong arguments for each of these groups, then they knew the WIIFM principle would see advisers move from ‘maybe’ to ‘yes please!’
A good first rule of thumb is to evaluate your own WIIFM rationale for any new solution you plan to introduce — for every key type of user.
2. Turning WIIFM into EBIT
A practical business case is also critical.
Users need to understand not just how the new ‘fix’ will make things easier for their needs, but how it will help collective business performance.
This is particularly important with sales staff and others who may not have day-to-day involvement in using the new solution.
A number of experiences, including one of the largest financial services database integrations ever conducted in the Southern hemisphere, have highlighted the reluctance of some sales people to worry about technology. It is seen as a concern for ‘back office’.
But with sales people, there is usually a strong understanding of the financial aspects of the business.
With that in mind, being transparent about the business case for new technology — including its impact on profitability or projected reduction in costs — will often get acceptance from people who would not otherwise give the project the time of day.
At its crudest, persuasion methods can include linking the results to their bonus structure — the appropriateness depends on the situation.
Any client benefits are also likely to be powerful if well-explained to those who have to sit across a table from the market.
3. No change is the best change
The lesson of Microsoft’s success should never be lost on anyone.
When introducing technology, you are likely to achieve greatest success by making it look the same as the old technology.
Mimicry has been a successful evolutionary practice since the dawn of time — use it. When bringing in new systems, do what you can to have the user interface remain consistent with the old.
This is particularly relevant in areas such as business reporting, where often it is not user entry information that needs to change, just the manner in which that data is analysed.
4. The process of improvement
A final word on training: you must have some.
When introducing any new solution, the users will need an easily understood list of process steps — aided with an explanation of why the process needs to work the way it does.
Ideally, regular refresher courses, such an online-delivered training tutorials, can help to ensure that take-up is continuous, consistent, and that new staff are also given the same benefits.
Greg Germon is marketing manager, SAI and has been involved in significant database, CRM and knowledge management implementation projects. SAI creates wealth solutions for high-net income individuals, superannuation trusts and similar groups, which are delivered via the SAITeysMcMahon boutique funds management and SAIPrivate premium financial advisory service labels.
