“Advisers will switch, without hesitation.”

Fundment CEO Ola Abdul was asked to contribute to an article in Professional Adviser – part of Incisive Media which also publishes Investment Week – looking ahead to 2023. 

Asked to consider what changes may be afoot in the world of platforms, Ola shared the following:

“2023 is a significant year for platforms because advisers appear ready to decide on the technology that will support them in the future.

“The story of technology integration this year and for a few years has been: ‘there’s a lot of technology out there, and it isn’t integrated, but it’s getting better, and we’ll get there one day’. That is not going to wash any more.

“Right now, there are good providers that are wired right and ready to integrate, and there are others that aren’t. Must advisers wait for somebody or an industry body to come along and solve integration? That is like forcing people who are driving at 5,000mph to drive at 20mph so they can be aligned with those who are not moving at all.

“Advisers have significant influence over the future of platforms and have a choice in who they work with. They can continue using systems that are wired poorly and may always be, or they can find systems that truly support functional integrations through APIs.

“Advisers are gaining a better understanding of the technology available and how it can support them moving forward – and they don’t need to be technologists to do that – and then they will switch, without hesitation. They will press that button.”