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Identifying Advice Gaps in the UK Financial Services Industry

Introduction

Imagine Jack, a 22-year-old recent graduate entering the workforce, already burdened by the weight of economic uncertainty. Like Jack, nearly half (47%*) of young people in the UK find themselves in a precarious financial situation, with this figure alarmingly rising to 57% among those aged 22-24.

As Jack grapples with the complexities of budgeting, saving, and planning for the future, he embodies a generation facing financial instability from an early age. This is the current landscape of today's young adults – ambitious, digitally savvy, yet teetering on the edge of financial security. It's a narrative that raises a critical question: how can the financial services industry adapt to meet the needs of Jack and his peers? But more importantly, why should it?

This question often stirs debate within the industry. Many advisers might wonder, 'Why should we incur costs for little or no return?' It's a controversial stance, but one that merits consideration. Is it the industry's duty to adapt, or should the focus lie elsewhere? By exploring this question, we aim to uncover not only the challenges faced by young individuals like Jack but also to delve into the broader responsibilities and potential motivations of the financial services sector in shaping a future that’s financially secure for all.

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Multiply Partners with OCM Wealth Management to automate the annual review process and expand new client coverage

London, UK – Multiply, a financial advice technology provider, is pleased to announce its collaboration with OCM Wealth Management, a leading firm catering to high-net-worth clients. This strategic move leverages cutting-edge artificial intelligence to elevate customer engagement and streamline the wealth management experience.

OCM Wealth Management, known for its custom-tailored holistic financial strategies, and working with high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, will incorporate Multiply’s advanced AI technology to expand access to its services to all, by automating many aspects of the onboarding and annual review processes for clients in the accumulation stage of their financial journey. Additionally, OCM plans to roll out a new Appointed Representative (AR) business model to expand its operations nationally, an endeavour made feasible through the transformative impact of Generative AI on the existing business model.

The work we are focussed on with OCM is anticipated to cut the time spent onboarding clients in the accumulation phase of their life cycle, looking for advice on ISA, SIPP and General Investment accounts, and for client reviews, by up to 80% for some of their clients! This productivity improvement not only optimises operations but also provides enormous productivity gains, allowing them to grow and scale the operation, with less focus on the same staff-to-client ratio, whilst at the same time delivering a more personalised service for both existing and prospective clients.

"Utilising AI technology, we are set to transform the wealth management landscape, particularly through focusing on specific challenges our clients have such as their annual review processes," stated Vivek Madlani, Co-Founder and CEO of Multiply. "Our collaboration with OCM Wealth Management underscores our dedication to help advice and wealth management firms both drive efficiency and deliver client growth ."

Jason Stather-Lodge, CEO & Founder of OCM Wealth Management, shared his vision for the partnership: "For two decades, we’ve explored ways to scale our business nationally without the high costs and risks associated with acquisitions. Now, the introduction of Generative AI marks a thrilling evolution in our company’s history. Working with Multiply, we aim to enhance the client experience dramatically while reducing unnecessary adviser involvement. This approach not only increases efficiency but also helps us expand our brand as we empower a network of AR professionals. Our collaboration is designed to work smarter and faster, enhancing productivity, streamlining operations, and setting the stage for the next 20 years of growth."

For more information about OCM Wealth Management and their comprehensive services, please visit OCM’s website.

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