Mobile Apps, Social Media, and Online Adoption Among US Financial Advisors

by Ashley Globerman,  Isabella Fonseca, November 11, 2015
Industry Trends
North America

Abstract

Celent conducted a survey of US financial advisors on a variety of topic areas related to the use of digital technology to service retail customers, ranging from advisor and client demographics, technology as a tool to service clients, and rate of digital (i.e., online, mobile, social) adoption among advisors and clients.

The compilation and analysis of this data provide a better understanding of the demographics of financial advisors, the composition of their client base, and the rate at which digital technologies are being adopted and implemented across the wealth management advisory landscape.

Celent further analyzed the responses to provide correlations between the data. Some examples include:

  • Technology aptitude of advisors segmented by age, gender, and work experience.
  • Types of technology tools used based on years of experience as an advisor and on the wealth bracket of clients.
  • Technology tools used to serve different generations of clients.
  • Average account size and online collaboration tools used.

“Digital is having a positive effect on the dynamics of the wealth management business. However, this is posing some challenges for advisors and firms to keep up with the pace of adopting technologies which enable them to be more efficient and service clients better,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and coauthor of the report.

“Digital adoption will increase as clients expect a mix of tools to be used in their interactions with advisors. Celent expects to see an increase in adoption for technologies such as CRM, financial planning, document management, forms filling technology, e-signature, and client reporting,” says Ashley Globerman, an analyst with Celent’s Wealth Management practice and coauthor of the report.

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 operating unit 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

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

Qualifying Criteria

2

 

Survey Questions

3

Survey Questions

4

 

Advisor Demographics

4

 

Retail Investor Demographics

6

 

Technology Use for Advisors

9

Digital Strategies

16

 

Online

19

 

Social

21

 

Mobile

23

Notable Comparisons Across Financial Advisor Profiles

26

Going Forward

34

Leveraging Celent’s Expertise

35

 

Support for Financial Institutions

35

 

Support for Vendors

35

Related Celent Research

36

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