Tablet devices are set to become a key part of the advice process in the future, according to the latest study by Investment Trends.
The annual Planner Technology Report revealed that 37% of financial advisers already use tablets for business purposes, and a further 41% indicated that they would like to do so in the future. The study also found that tablet adoption is greatest among advisers aged 40-54.
Satisfaction with mobile accessibility has increased over the past year, with the majority of advisers rating their primary software provider as significantly better in this area. Despite this, Investment Trends said the findings suggest advisers will be looking for even more mobile-optimised solutions from technology and product providers in the very near future.
…tablet devices can play a key role in enhancing the client engagement experience
“Planners are going mobile, with nearly eight in ten seeing a role for tablets within their businesses,” said Recep Peker, Head of Research for Wealth Management at Investment Trends.
“Planners see the value of tablet devices as making new business processes more efficient and enabling ongoing client engagement.
“There is strong evidence that tablet devices can play a key role in enhancing the client engagement experience – our consumer research found planner clients had extremely positive experiences when a tablet device was used by their financial planner,” he said.
The study also found that integration between technology systems is one of the biggest challenges faced by financial advisers.
Integration is a daily source of friction in planners’ businesses
According to Investment Trends, 88% of advisers are seeking integration improvements, to drive greater efficiencies in their businesses. Further, 43% of advisers are willing to implement a costlier solution in order to have their integration needs met.
“Integration is a daily source of friction in planners’ businesses and any improvements towards alleviating this are likely to be well received by financial planners,” Mr Peker said.
“The largest integration opportunity is through streamlining the platform account opening process from planning software,” he added.
The report also provides an insight into advisers’ preferred software providers. XPLAN was again identified as the most used software solution (used by around 50% of advisers), followed by COIN (19%).
Midwinter has the highest satisfaction rating from its primary users, followed by AdviserLogic, which also achieved the largest increase in planner satisfaction over the past 12 months.
As a risk adviser who regularly visits clients at their premises, my iPad is a key business tool. Not just for demonstrating concepts and ideas to clients but also collecting data and completing insurance applications. Which is why I find it astonishing that a number of insurers seem to think a desktop application that runs on a computer is the best option for advisers when it comes to quoting and lodging insurance applications. In fact, one of my favourite insurers has just ‘upgraded’ their quoting tool from a brilliant web-based app that i could use on my ipad to their own version of OnePath’s desktop application so I now rarely use them – its just too hard and inefficient to do business with them.
I also wish my CRM software was more ipad friendly. I can use it, but its not easy.
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