Robin Powell

 

 

 

 

 

An experienced television journalist, Robin runs Regis Media, a UK-based content marketing consultancy which helps financial advice firms around the world to attract, retain and educate clients.

  • Grey Twitter Icon
  • Grey Facebook Icon
  • Grey Google+ Icon
  • Grey YouTube Icon
Adviser 2.0 powered by REGIS MEDIA
Have a regular newsletter delivered straight to your inbox
Strategic partner
Sparrows_Capital_Logotype_CMYK.png
Recent posts
Please reload

Related posts
Please reload

Archive
Please reload

Are planners cooling on technology?

July 28, 2020

 

 

Financial planners are cooling slightly on the idea of technology as the silver bullet for the industry’s challenges as the coronavirus crisis dominates priorities, although some formerly fringe tools are becoming more readily adopted.

 

That’s one key finding from the 2020 Financial Planning Tech Survey, carried out by US industry publication Financial Planning and published recently. The survey, taken between late March to early April this year, canvassed the views of 225 financial advisers.

 

 

20% use no planning software at all

 

While new technological tools and automated processes are frequently talked up as the answer to fee pressure and the drift to robo-advice solutions, the survey found 20% of the sample this year were not using any financial planning software at all.

 

The survey’s authors said while an 80% user rate is still high for an industry typically slow to adopt new technology, the fall contradicts the view about the direction of the advice industry and could signal that technology is no longer seen as offering a key competitive advantage.

 

 

 

Coronavirus crisis blamed

 

Some respondents blamed the coronavirus crisis and the need for immediate issues management during a time of volatility for the lack of focus on technology. Others cited cost pressures related to the economic downturn for forestalling new investment.

 

Another possible cause of the pullback in technology investment cited by the survey authors was that many smaller firms might be discovering they are using only a fraction of the available capabilities of new technological solutions.

 

 

Rapid adoption in formerly fringe technologies

 

Even so, the survey did find a rapid increase in the adoption of formerly fringe technologies. Chatbots, for instance, were used by only 4% of respondents in the previous annual survey. This has now increased to 44%. 

 

Increases were also seen in the use of social media management tools, multifunctional platforms and digital advice. 

 

The most widely used technological tools in advice firms related to in document management (89% of the survey sample), customer relationship management (88%), client portals (81%), financial planning (81%) and portfolio management and rebalancing (77%).

 

 

 

Looking for something else to read? Here are some other recent articles you may have missed:

 

Relief for Aussie planners

 

What value do your clients think you can add?

 

Which social media strategies work best?

 

Don’t neglect yourself

 

Marketing: how to get it right

 

Why you should lead with planning 

 

What’s your story?

 

What will you learn from the COVID crisis?

 

 

Adviser 2.0 is part of Regis Media's mission to improve standards of service and professionalism in financial advice. If you've written an article that you would like to be considered as a guest post, please email it to our editor Robin Powell.

 

To find out more about Regis Media and the work we do advice firms around the world, why not visit our website and YouTube channel?

 

 

 

© Adviser 2.0 MMXX

 

 

 

 

 

 

 

 

 

 

 

 

 

Share on Facebook
Share on Twitter
Please reload

ADVISER 2.0, FINANCIAL ADVICE REINVENTED, POWERED BY REGIS MEDIA

  • Grey Facebook Icon
  • Grey Twitter Icon

Adviser 2.0 is produced by Regis Media, a specialist provider of content marketing for evidence-based advisers. 

Contact Regis Media

DISCLAIMER: All content is for informational purposes only. We make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use. Full disclaimer.