A pair of financial advisers said they are addressing their own frustrations with technology as they launch a new one-system back office platform.
School friends Nicholas Ryan and David Mills have created Pilot after a combined 35 years in the industry.
Ryan said: “Pilot delivers everything an advice firm needs. We are trying to change the game by using economies of scale to minimise costs for firms and hopefully this can be passed on to clients.”
There are three tiers, starting at £200 a month for the first level which includes customer relationship management and fact finding while the most expensive level, at £300, includes an inbuilt risk profiler.
The company claims this cuts costs in half for firms with Mills calling it “an unprecedented step forward in our sector”.
Ryan built his own IFA firm while Mills is co-director of an established firm focusing on high net wealth clients.
Both said they will continue their work as advisers alongside running Pilot.
Ryan has already started to use the technology in his firm, Yellow Bear Financial Consultancy.
He added: “My new adviser has been giving his feedback as Pilot was being developed as he is not stuck in his ways yet.”
As the technology is developed Pilot said every firm will have its own dedicated relationship manager they can contact with queries.
Mills added: “We want to deliver an outstanding product but we absolutely want to underpin that with an outstanding and support service.
“I have been very frustrated with systems I have used in the past where I have not been able to speak to anybody, especially if it is something that is very important for your business.”
And Mills said Pilot wants to listen to advisers on what they want to see in the technology.
“We do not want to be a tech provider that builds what we think people want, we want to listen to the community,” he said.
“We are trying to open up the profession and make it fair. We want to make it as unbiased as possible.
“We are advisers so we are very conscious and want to wrestle the control back to the individual firms rather than the technology providers.”
Mills and Ryan are school friends and have known each other for more than 30 years.
They said the idea for Pilot has been in the works for a few years after many debates about frustrating technology in the sector.
Mills said: “Over the years we have been discussing and debating what technology we use, because we both run advice practices.
“Although we run separate firms we have always had a working relationship.”
While Ryan added: “Even though our firms may run differently it is always about what is best for the clients. That is what has kept us talking for years and years.”
tara.o’connor@ft.com
What’s your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
