2012 Americas wealth management study

Advisor effectiveness and mobile technology

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Maximizing the effectiveness of advisors’ client-facing time requires leveraging the right technology. Firms must spend strategically—and be nimble enough to harness the power of emerging technology such as mobile devices. 

Strategic technology spending

Firms dedicate nearly half of their strategic technology spending on improving the client experience and advisor effectiveness. Only 15% of the typical budget supports growth in new products and markets, a number that suggests firms are prioritizing servicing (and retaining) existing clients over expanding into new markets and client segments.

Due to the active regulatory environment, compliance-related technology also accounts for a significant portion of strategic technology budgets.

Increasing advisor effectiveness

More than three-quarters of wealth management firms have initiatives that aim to increase the time advisors spend with clients. These initiatives generally focus on automating tasks and streamlining existing processes to free up advisors’ time, and our survey reports that the benefit of adding support resources quickly outweighs the cost.

“We’re trying to get advisors as close to 100% on client-facing activities as we possibly can, whether it’s through centralizing processes or giving them better technology.” – North American respondent

Technology under development

As firms allocate their strategic technology budgets, they are focusing on client-related functions, particularly in these areas:

  • Using CRM to provide clients with a holistic, “360-degree” view of their assets
  • Creating custom client lists to better deliver targeted, relevant communications
  • Rationalizing alerts received by advisors and improving the advisor desktop user experience
  • Enhancing mobile applications to gain a first-mover advantage (see section below)
Technology under development

Mobile strategies

Mobile technology is becoming an increasingly important investment area. A robust mobile platform enables advisors to be more flexible, accessible and effective.

A small majority of firms currently have mobile applications in place to increase client/advisor collaboration, but more than three-quarters plan to invest in mobile tools in this area. Many firms are also looking at mobile technology as a sales tool.

Please mark all the features deployed on your advisor desktops/work stations that are under development/planned in your 12- to 24-month product road map.

CRM

Client servicing

Technology effectiveness ×