Sales of communications services have swelled exponentially during the COVID-19 pandemic. To help create an operational continuum amid the shift to remote work models, organizations have turned to unified communications-as-a-service (UCaaS) platforms. The MSPs and value-added resellers that rode the lockdown wave of UCaaS adoption still stand to benefit long-term -- work-from-home policies will persevere in abundance despite the loosening of on-site restrictions. Nevertheless, the global pandemic created an unprecedented demand for service providers with UCaaS in their portfolio.
A white-label model for advanced communication services is an enticing prospect for partners. This is quickly becoming a competitive market; in a NextWealth survey of 218 financial advisors, 47% of firms with sizable assets under management are gearing up for a white-label launch. Another 8% had already thrown their hat into the ring. The newer retail reselling model goes beyond simple rebranding and puts the best of communication innovations in the hands of truly valued customer-partners.
NextWealth Managing Director Heather Hopkins said, “Technology is driving the trend for white-labelled platforms and, with consolidation and private equity investment in financial advice firms on the rise, we are seeing the emergence of advice businesses with the scale – and the appetite – to launch their own platforms.”
NextWealth’s exhaustive report noted that seven main factors must be taken into consideration. White-label strivers need to self-evaluate on compliance framework, tech upgrades, financial strength and stability, cultural alignment, functionality, integration with other tech, and additional services provided by platforms. Advice firms with discretionary fund managers want to take the next step in diversification while maintaining maximum operational capacity. Cash flow and exit value is made transparent by single-asset platforms.
For UCaaS, white-label models are the key to strengthening relationships and information flows with customers. While the traditional model depends on partner sales and vendor delivery, white-label branding flips the script and puts extra emphasis on the partner’s role. This is a surefire booster for vendor-partner and partner-end customer interconnections and guarantees superlative margins for all involved parties. Brand quality is heightened by an approach to UCaaS that takes financers’ best interests under advisement.