Technology Becoming Main Factor in Financial Planning

Technology Becoming Main Factor in Financial Planning

Most people probably believe that financial advisers use the latest in cutting edge technology to show the most up-to-date information that they have at hand. In fact, technological devices such as tablets are only now becoming common place in a financial adviser’s office.

Most people probably believe that financial advisers use the latest in cutting edge technology to show the most up-to-date information that they have at hand. In fact, technological devices such as tablets are only now becoming common place in a financial adviser’s office. Beyond the devices, there is a growing number of software platforms that financial advisers are beginning to use. These systems help to integrate their systems so that they can streamline the process of showing their customers valuable information in a more stimulating way. The May 2015 Planner Technology Report is a study based on a survey of 892 financial planners and the technology they use. The survey shows some very interesting trends.

Financial Planning Technologies

Only 37 percent of financial planning advisers use tablets or convertible laptops of some kind, while another 41 percent said that they would like to use this technology in their practice. The age of tablet users was centred around 40-54 (39%). The use of tablets in financial planning is becoming key to keeping the customer engaged and enhancing their experience. Increased use of tablet technology means that the software that integrates the existing financial planner’s systems to their mobile devices is becoming more and more important.

Mobile technology system integration solutions are seen as crucial and 88 percent of financial advisers are seeking improvements. It is so important that 43% of advisers are willing to pay up for more expensive integration solutions. Financial planners see the streamlining of financial planning software to the account opening process as being the biggest need. This need is being met by several platform and software providers.

Leading the pack is XPLAN with over half of all financial planners using their software and their market share is growing. Second in the race comes COIN with 19 percent. Third is Midwinter with the highest user satisfaction especially in regard to mobile access, transaction reporting, and user interface. AdviserLogic had the largest gain in user satisfaction between 2014 and 2015.

There are sure to be more devices and more software entering the financial planning arena but the big names are sure to fight for their ground. The mobile technology space in financial planning has a lot of room to run before there is a clear winner on the software side. The increased use of tablets is sure to keep customers more engaged and keep advisers on their toes.

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