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

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10 November 2015


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.