In today’s episode of Fintech Impact, Jason is going to talk to Ian McKenna, founder of advisersoftware.com. Ian is a guru of advisor technology in the UK and has a great lens on both the UK and technology around the world. He is here to capture his and Jason’s casual and informative discussions about the industry's past, present, and future, offering listeners a valuable perspective on the fintech landscape.

Episode Highlights:
00:46: Ian reflects on his diverse experiences, from running financial advice businesses in the mid-90s to becoming a columnist and later founding a consultancy business.

02:08: Ian introduces advisorsoftware.com, initially focused on UK advice technology but evolving into a global platform to address the international nature of financial planning.

03:48: Jason and Ian plan to delve into various topics, starting with the evolution of software in the UK and then expanding to a global perspective.

05:16: Ian envisions a future where Fintech seamlessly integrates into everyday digital life globally, making it the norm rather than a separate entity.

06:28: Ian discusses the trend of banks buying up advisors but struggling to understand the unique needs of financial advisors, leading to challenges and, in the UK, a wholesale exit from financial advice for which Jason points out that banks exited financial advice in the UK due to their inability to meet regulatory standards.

08:43: Jason and Ian discuss the political dynamics around regulatory authorities and the challenges of changing regulatory frameworks. Ian notes the cyclical changes in regulators and governments renaming regulatory authorities, emphasizing the enduring relationship between regulation and technology.

11:57: Jason and Ian explore the irony that tougher regulation, especially in consumer protection, has proven beneficial for financial advisors' success.

13:29: Jason reflects on the future landscape, where technology becomes an integral part of every business, echoing the sentiment that companies will be either technology-driven or obsolete.

14:15: Jason recalls the overuse of the term "client-centric" in technology meetings, highlighting the disconnect between the buzzword and its actual execution in delivering value to clients.

15:18: Ian reflects on the impact of greed in past generations, citing the shift from nationalized utilities to the privatization of shares, ultimately leading to profit-driven organizations.

17:22: Ian highlights the opportunity to make financial advice a utility accessible to all through technology, turning back the clock to a time when it wasn't a luxury reserved for the wealthy.

19:39: Jason discusses the global trend in regulation, praising Australia's commitment to the right end state despite occasionally going too far. He acknowledges the UK's balanced approach and the US's focus on the fiduciary duty.

21:57: Ian mentions the Shift conference, focusing on human-first financial advice, with a behavioural finance emphasis. He shares anecdotes about second-generation advisors debating their role in family firms and emphasizes the ongoing evolution in the US with an emerging RA market.

23:32: Ian discusses the challenge for US vendors in scaling globally, emphasizing the historical tendency to prioritize the US market and the increasing competition from Australian companies that build with a multi-jurisdictional approach.

25:38: Ian talks about regulators globally comparing notes through organizations like G-20, fostering collaboration and learning from different regulatory approaches. He provides an example of Australia's life insurance market and highlights the importance of natural experiments to inform regulatory decisions.


Key Points: 
-Ian McKenna discusses the evolution of advisorsoftware.com from a UK-focused platform to a global solution for international financial planning.
-Jason and Ian explore challenges faced by banks entering advisory services, regulatory dynamics, and the positive impact of stricter regulations on financial advisors' success.
-The conversation highlights the increasing importance of technology, envisioning a future where it seamlessly integrates into daily business operations globally.

Tweetable Quotes:
-"Companies will either be technology-driven or obsolete in the future financial landscape." - Jason Pereira
-"Financial advice should be a utility accessible to all through technology, not a luxury reserved for the wealthy." - Ian McKenna
-"Flexibility in savings options, like Micro Savings, can empower individuals to save more through technology." - Ian McKenna

Resource Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor
https://www.advisersoftware.com/
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