Advisers going mobile: Investment Trends

The 11th annual Investment Trends 2014 Planner Technology Report, sponsored by Midwinter, surveyed 1,038 advisers using the Investment Trends panel and the FPA database.

When asked which area of their business would benefit the most from technology and automation, client servicing came out on top, followed by client on-boarding, client acquisition and 'running the business'.

Investment Trends senior analyst Recep Peker said 59 per cent of advisers already use tablet devices in their businesses.

"Forty-two per cent of financial planners have already [fully] integrated tablets into the business," he said.

"If you look at the key things they're looking for ... 35 per cent of financial planners in Australia are currently using tablets primarily as a demonstration tool.

"The key purpose they're using it for at the moment is to convince the client to come on board, and to do their insurance and do their review," Mr Peker said.

In addition to the 42 per cent of advisers who are already using tablets, another 44 per cent are interested in using them, said Mr Peker.

"What you find is that 86 per cent of planners either are using or want to use tablets for business purposes," he said.

"In five or 10 years, we might see financial planners sitting in cafes or in clients' homes on their devices doing the whole on-boarding process and doing their review.

"Financial planners are becoming mobile," he said.

The report also found that technology is allowing advisers to become more efficient, with the average reported time to prepare a full statement of advice (SOA) down to six hours and six minutes.

When comparing the various software providers in the market, Midwinter received the highest overall satisfaction rating from surveyed advisers.

Midwinter managing director Julian Plummer noted that Midwinter received the higest average user satisfaction ratings in 23 of the 27 categories measured by Investment Trends.

"Among planners who use only one planning software, those using Midwinter were found to be the fastest in producing a full SOA for a typical client," said Mr Plummer.