Planners in urgent need of better tech: research
Tuesday, 15 July 2014 12:20pm

Financial advisers believe there is still room for technological improvements that would assist them in running their business more efficiently, an Investment Trends report found.

Planners could benefit from better technology across the board, from generating Statements of Advice (SoA) to marketing and business intelligence, the planner Investment Trends technology report from May 2014 found.

When asked what areas of the business would benefit the most from technology and automation, 65% saw client reviews as an area where improvements could be made, 62% answered generation of FoAs, 57% compliance, 45% providing scaled advice and 40% completing workflows during client meetings.

In total, "91% of planners say technology can really help out in client servicing," Investment Trends senior analyst Recep Peker said.

Research indicates that technology is helping planners become more efficient, with the average time to produce a full SoA falling from 7.5 hours in 2006 to 6.1 hours.

The report shows that 42% of planners have integrated tablets into their business process and 44% have not, but would be interested in doing so.

"One of the key challenges for advisers is increasing their value so they can be more efficient, but also showing their value to their clients in client reviews," Peker said.

Overall satisfaction with software remained unchanged from the two previous years, at 3.5 or "Good."

Midwinter's AdviceOS software received the highest overall ratings, with an average score of 4.3.

Managing director Julian Plummer said that the provider has worked closer to the dealer groups and has been able to reduce the average time that it takes to generate an SoA to 5.41 hours.

Internal integration of data and migration to the cloud have also contributed to the software's positive perception among planners.

The 11th edition of the Investment Trends technology report was conducted between April and May 2014 among 1,000 financial advisers.

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