The research findings point to growing advisor dissatisfaction over the tools they have for working with clients and winning new ones. Fifty-eight percent of survey respondents say they lost business over the last year because of bad technology, while 92% have lost business over the past two years.
Conversely, great technology has advantages. Ninety-three percent of respondents who ranked their technology as state-of-the-art report gaining new clients as a result of a competitor’s bad technology.
Advisors also recognize technology’s role in the client experience—more than half (58%) consider their end client capabilities to be a weakness. Indeed, they call out new client onboarding as the area of highest priority for improved efficiency.
Advisors Want to Meet Clients Where They Are
Advisors’ flexible approach to technology stems from a desire to connect and communicate with clients of all ages where they are. For example, 61% of respondents say video conference calls are more effective than in-person meetings with younger clients, while 85% say in-person meetings work better for older clients.
All advisors (100%) say access to social media tools at work is non-negotiable—though there is disagreement over which applications are must-haves. Six out of 10 want access to either LinkedIn or X/Twitter, while more than half (56%) consider Facebook important. Just 48% of respondents want work access to YouTube, despite investors giving YouTube the highest marks for advisor usage in an earlier survey.
“The right technology choices together with clean data can unleash productivity like we’ve never seen before. To tap into this, firms need the right technology partners—ones that are forward thinking and able to satisfy multiple generations of investors and the advisors who serve them,” said Schwantz. “As our research shows, technology can be expensive to purchase, deploy, and adopt, but the cost of inertia is much higher when you consider the revenue impact of losing advisors."
As part of its award-winning Connected Wealth Report research series, Advisor360° surveyed 300 financial advisors and executives at large broker-dealers, registered investment advisors and bank trust companies across the U.S. for their perspectives on the impact of technology on their business and the industry. Survey participants were employed by enterprise wealth management firms across the industry with an average of $9 billion in assets under management and more than 1,000 employees. Respondents to the telephone to web-based survey were 36.5 years old on average with an average of $40 million in assets under management. The survey was fielded between September and October 2023 by Coleman Parkes Research on behalf of Advisor360°. Advisor360° and Coleman Parkes are separate and unaffiliated organizations.
About Advisor360°
Advisor360° builds, integrates, and delivers technology for wealth management firms. The company’s award-winning integrated and open architecture SaaS platform brings a connected digital wealth experience to financial advisors, their clients, and the home office so that firms can drive better outcomes and innovate quickly. Advisor360° clients benefit from timesaving capabilities and streamlined workflows when it comes to portfolio and performance reporting, financial planning, insurance, proposal generation, trading and model management, digital onboarding, document management, analytics, and compliance. The company’s proprietary Unified Data Fabric® (UDF) is the foundation of its platform, weaving together shared services and pre-built integrations that work with existing technology stacks. The company is headquartered in Weston, Massachusetts, with offices in Bengaluru, India; Belfast, Northern Ireland; and a remote workforce in Canada.
Today, three million households with $1 trillion in assets benefit from the connected Advisor360° experience. To learn more, visit www.advisor360.com.
Media ContactCynthia Stephens
mediainquiry@advisor360.com