Transforming Your Business Through Advisor Technologies

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12 October 2015


This report offers ideas for banks, private banks, brokerages, RIAs, and custodians wanting to understand market trends and where the industry is investing resources in the next 12 to 18 months. The report also offers suggestions as to how firms can differentiate themselves and increase operational efficiency in the advisor business.

In the report Transforming Your Business Through Advisor Technologies, Celent presents survey results of financial institutions including banks, broker-dealers, RIAs, and insurance firms in the US market to identify which technology solutions best enable efficient advisor practices.

Main findings of the report include:

  • Firms are investing in different business strategies to improve front office technology and advisor education.
  • Simplicity, ease of navigation, and integration with many solutions via a single portal are the most important features that define a good user experience.
  • Advisors spend most of their time managing existing clients, meeting with clients, and seeking new clients.
  • The most common technology tools used by advisors are CRM systems, followed by proposal and modeling tools, wealth management platforms, and mobile access.
  • Mobile functionality for investors and advisors is supported by most firms, and functionality is targeted to specific customer segments.
  • Technology tools make advisors more relevant to the next generation of investors.
  • Firms are embracing the robo-advisor model as a complement to their existing service model and a way to offer differentiated levels of service and access.
  • Key developments within firms’ digital strategies refer to online, social, and mobile channels.

“Technology is essential to an advisor’s practice to help enhance the service model, improve relationships with clients of all ages, and increase collaboration with clients,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and author of the report. “Each firm’s unique business model as well as the unique needs of their investors contribute to the pace of adoption.”