Adviser tech needs not being met

During the COVID-19 lockdowns, financial advisers are relying more heavily on digital tools to help service clients, however, many feel like they aren’t getting quite what they need, Investment Trends has discovered in a survey.

The Investment Trends 2020 Planner Technology Report found that up to 82 per cent of financial advisers think their platforms and advice software are critical to success. These platforms are used for online meetings, email marketing, digital signing of documents, and social media management.

Even with the increased use of software, about a third of the 693 advisers surveyed in May 2020 didn’t view their platforms and planning software as helping them demonstrate value to clients. Almost 40 per cent didn’t believe the platforms and software they were using improve efficiency.

Advisers aren’t giving all clients access to an online portal, but they want to offer this to more clients. Many advisers moved investment platform, with almost 30 per cent moving platform in the past year. Planners are also using more than one platform, with the average being 2.6 platforms per adviser.

Netwealth was the platform rated the highest, followed by Hub24. Adviser Logic was the best-rated advice software for overall satisfaction.