Speaking to InvestorDaily, Mr Wilson – who will appearing at the 14th Annual Wraps, Platforms and Masterfunds Conference in September – said the concept of ‘big data’ is set to begin flowing through the financial planning industry – both in terms of reducing labour and making data more accurate.
“[Big data will also help] from a marketing and lead development perspective – and also into the [client] review and maintenance area as well,” he said.
Social networks will become “the new form of specific lead generation tool” in the not-too-distant future, said Mr Wilson.
“Most established practices get 80 to 90 per cent of their new business out of their existing client bases’ referrals,” he said.
“I’m talking about Facebook and Twitter. Getting an endorsement in that third party arena can be quite viral if you get it right.
“It’s a very leverageable market that most financial planners don’t understand at all.”
Financial planning practices can also do much more with their individual websites, said Mr Wilson.
Via COIN Rubik offers website-based tools that allow clients to self-complete information, which can then be passed on to advisers, he said.
“You’ll see more of the institutions put more and more effort into that, but the small to medium businesses are going to be able to leverage that as well,” he said.
Overall, Rubik is aiming to think ‘five years out’ and have products available for early adopters that are two years out of “the middle ground”.
“Always something there for an early adopter, but not too early so it’s sitting on the shelf with no one using it for three years,” said Mr Wilson.
“[Rubik is looking to be] the IT resource rather than just a seller of software.”
