Mobile Applications for Advisors: A Study of the European Market

by Alexander Camargo,  Isabella Fonseca, June 12, 2012
EMEA

Abstract

Increasingly, wealth managers believe that development of smartphone and tablet applications provides an opportunity for advisors to reach prospects and better service clients through a new electronic channel. Thus far, advisor app development among wealth managers has lagged app development for clients.

In a new report, Mobile Applications for Advisors: A Study of the European Market, Celent examines mobile application development in six markets: France, Germany, Italy, Spain, Switzerland, and the United Kingdom. The second of two reports on mobile app development in the European market, this report focuses on apps for wealth management advisors.

Fears of falling portfolio values have led to increased demands for advisor-client communication and active risk management strategies. As a result, advisors are being forced to do more, with less time. Mobile apps are not a panacea, but offer advisors the ability to conduct new and interactive client meetings and also monitor client portfolios or access research and CRM tools on the go.

“Mobile apps designed for wealth management/private banking services are still at nascent stages at firms. This is particularly true for apps geared toward the advisor,” says Alexander Camargo, Analyst and coauthor of the report. “However, survey results show an increasing number of firms entering planning and exploration stages of advisor app delivery. Celent expects to see a number of launches in the closing months of 2012 and in 2013.”

Celent expects that advisor apps will be launched almost exclusively on tablets rather than smartphones. “Since much of advisor app functionality is geared toward client meetings, a larger screen is necessary to share with clients,” says Isabella Fonseca, Research Director at Celent and coauthor of the report. “Going forward, there is likely to be greater use of both smartphone and tablet devices for distinct reasons. Smartphones will increasingly be used for certain functionalities such as mobile alerts and market data; tablets will be used for interactive client-advisor meetings and portfolio modeling/construction functionalities.”

In this report, Celent provides an overview of the drivers of mobility, trends in the European wealth management market from an advisory perceptive, and a comparative analysis of the six markets surveyed in terms of mobile phone, smartphone, and tablet penetration. The report examines the size of each country’s advisor population and takes a detailed look at each of the six markets, including the survey results for each country. These results will elucidate the maturity of each market in terms of wealth managers launching apps for the advisor.

The report concludes with an analysis of each market’s continuing growth opportunities as they relate to mobile adoption among wealth management advisors in the near term.
The first report in this series, Mobile Applications for High Net Worth Customers: A Study of the European Market, provides a similar analysis for each of the six countries, focusing on the high net worth client segment.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

5

 

Methodology

5

 

From Email to “Apps”

6

Market Overview

7

 

Market Drivers for Advisors

7

 

Market Trends

8

Market Comparisons

11

 

Advisor Market Size

11

 

Mobile Penetration

12

 

Smartphone and Tablet Penetration

13

France 

15

Germany 

22

Italy 

27

Spain 

34

Switzerland 

40

United Kingdom 

47

Analyzing the Opportunity

54

 

France

54

 

Germany

54

 

Italy

55

 

Spain

56

 

Switzerland

57

 

The United Kingdom

58

Conclusions

59

Leveraging Celent’s Expertise

62

 

Support for Financial Institutions

62

 

Support for Vendors

62

Related Celent Research

63

Sign in to download reports and access personalized information