Current wealth technology tools not meeting financial advisor expectations, according to Broadridge study
Advisors would get more of their clients’ investments if they had better tech tools
Existing technology investments not
meeting expectations
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Paperwork and lack of automation
is a pain point
Most advisors say that paperwork is the worst part of their job and they would get more of their clients’ investments if they had better tech tools
81
Wealth management firms must make sufficient investments in technology, or advisors will seriously consider moving to other firms that provide them with the technology tools that allow them to properly serve their clients.
Digital marketing communications have become increasingly important for advisors during the pandemic, and advisors across North America are citing the need for better marketing tools, including social media promotion, email marketing, and website creation, to meet client and prospect desires.
Now more than ever, clients are requiring more customized and holistic financial planning from their advisors, and as a result, advisors are relying more on desktop software and firm-provided technology to ensure they are retaining clients during challenging times. Without this support, firms risk losing advisors to firms that can provide the proper tools.
Our world has changed
Temporary meets permanent
Different interactions
Returning to normal
One message for better experiences
Conclusion
"As wealth management firms across North America look to attract and retain talent, they should be aware that one in two financial advisors often think about leaving their firm to join one with better technology”
Methodology
This survey of 254 financial planners and advisors in the United States and Canada was fielded in June 2020 by Research Knowledge and Insights, a market research firm.
1
2
3
SM
SCROLL
DOWN
While 87% report sustained changes in investor communication and engagement.
77% of North American financial advisors report losing business due to inadequate technology to interact with clients
Financial advisors across the U.S. and Canada report fundamental changes to client relationships and business activity as they grapple with the lasting effects of the Covid-19 pandemic.
59
%
MILLENNIAL ADVISORS
55
%
32
%
GEN X ADVISORS
BOOMERS ADVISORS
More likely to leave
their firms
More likely to leave
their firms
Less likely to leave
their firms
Our firm needs better automation to manage my paperwork
%
85
%
I need an automated way to keep up with compliance issues
82
%
Paperwork detracts from the time I spent working with my clients
15
%
59
%
95
%
Firms play an important role in providing marketing tools such as email, website creation and firm promotion
ADVISORS
ADVISORS
Report that they have enough marketing support from their firms to grow their practice
Have enough marketing support from their firms to grow their practice
Report that they get no marketing support from their firms whatsoever
U.S. ADVISORS
CANADIAN Advisors
69
EMAIL MARKETING
WEBSITE
CREATION
53
FIRM
PROMOTION
60
41
52
42
%
%
%
%
%
%
ALL ADVISORS
63
%
GEN X ADVISORS
Communicate with clients on a daily or weekly basis
63
%
MILLENNIAL ADVISORS
82
%
BOOMERS ADVISORS
30
%
Various age groups responded differently with millennials communicating most often
ADVISORS
ADVISORS
Share money saving tips
41
%
Share a comprehensive view of client accounts
59
%
Share ideas for new investment vehicles
57
%
Share personalized analysis of existing investment vehicles
51
%
American advisors share more customized communications compared to their Canadian counterparts
82
%
Change in how they feel about technology tools
74
%
Wish their firm had better access to technology tools
89
%
Technology tools became more critical during stay-at-home
The Covid-19 pandemic has fundamentally changed how advisors communicate and engage with clients and will change how I communicate in the future
Timely client communication and
technology tools
“Now more than ever before, investors demand sophisticated, personalized and holistic financial planning from their advisors”
Conclusion
“As wealth management firms across North America look to attract and retain talent, they should be aware that one in two financial advisors often think about leaving their firm to join one with better technology”
Existing technology investments not meeting expectations
Timely Client Communication and Technology Tools
82
%
Change in how they feel about technology tools
74
%
Wish their firm had better access to technology tools
89
%
Technology tools became more critical during stay-at-home
The Covid-19 pandemic has fundamentally changed how advisors communicate and engage with clients and will change how I communicate in the future
ALL ADVISORS
1
2
3
Current wealth technology tools not meeting financial advisor expectations, according to Broadridge study
Advisors would get more of their clients’ investments if they had better tech tools
Over half of Millennial and Gen X financial advisors often think of leaving their current firm for one with better technology tools where as Boomers are least likely to leave their firms
Financial advisors in the U.S. report having better online marketing tools
Donna Bristow, Managing Director at Broadridge Financial Solutions
Monthly, weekly or daily communications: What we heard from advisors
The new normal of technology tools:
What we heard from financial advisors
How American and Canadian advisors compare
Michael Alexander, President of Wealth Management at Broadridge
Stay-at-home orders during the pandemic have amplified an already strong appetite for wealth technology from advisors in order to properly serve their clients. Here are three big takeaways based on our findings:
Wealth management firms must make sufficient investments in technology, or advisors will seriously consider moving to other firms that provide them with the technology tools that allow them to properly serve their clients.
Digital marketing communications have become increasingly important for advisors during the pandemic, and advisors across North America are citing the need for better marketing tools, including social media promotion, email marketing, and website creation, to meet client and prospect desires.
Now more than ever, clients are requiring more customized and holistic financial planning from their advisors, and as a result, advisors are relying more on desktop software and firm-provided technology to ensure they are retaining clients during challenging times. Without this support, firms risk losing advisors to firms that can provide the proper tools.
Methodology
This survey of 254 financial planners and advisors in the United States and Canada was fielded in June 2020 by Research Knowledge and Insights, a market research firm.
Over half of Millennial and Gen X financial advisors often think of leaving their current firm for one with better technology tools where as Boomers are least likely to leave their firms
Paperwork and lack of automation is a pain point
Financial advisors in the U.S. report having better online marketing tools
Donna Bristow, Managing Director at Broadridge Financial Solutions
Monthly, weekly or daily communications: What we heard from advisors
The new normal of technology tools: What we heard from financial advisors
How American and Canadian advisors compare
Michael Alexander, President of Wealth Management at Broadridge
Stay-at-home orders during the pandemic have amplified an already strong appetite for wealth technology from advisors in order to properly serve their clients. Here are three big takeaways based on our findings:
