The Financial Planning Association (FPA) says fintechs can help the profession engage with clients in new ways, while also introducing efficiencies.

It has released a white paper that plots various fintech offerings against the six-step planning process, to show where advisers can use new technology to reduce costs and better meet client demands.

CEO Dante De Gori says fintech tools have been available for some time but have been ignored, to a degree, amid rapid change and confusion about the solutions they offer.

“The research undertaken and findings presented in this white paper cut through this and present key information on which fintechs can help FPA members,” he says.

“It quantifies the costs and benefits, and showcases fintech tools that have been approved for use within advice networks.”

The paper says client expectations have shifted due to using technology in everyday life.

Potential offerings include websites and apps that host a client’s financial information and provide triggers for getting in touch when most appropriate, while also allowing for portfolios based on lifestyle analysis and real-time data.

“By capturing appropriate vault and cashflow information, the financial conversations and plans that can be facilitated are not generic but highly tailored,” the paper says.

The paper also examines fintech propositions directly marketed at consumers.

The FPA says the paper is the first in a series of fintech-related projects.