Report: Digital Integration and Wealth Management: technology gaps and solutions

Financial advice businesses are inefficient — but it’s usually not their fault. They rely on disparate systems from providers and mostly use email to communicate. They spend four days a month on manual tasks (such as collating information across systems), and they spend nearly a month on hold!

Looking ahead, they want online portals through which to communicate securely with providers. However, their preferences may change as technology evolves. In the words of Steve Jobs, “People don’t know what they want until you show it to
them.”

Technology innovation is moving quickly: portals are the preferred future communication method based on today’s available tools.

Providers say they want to innovate and change, but there are few planned enhancements in the works. Our research suggests it’s worth the investment — too much time is spent on manual tasks, and freeing up adviser time could allow them to reach more clients.

 

The findings in this report are based on a survey of 100 financial advisers as well as
interviews and data from 11 investment providers undertaken by NextWealth during April 2022.

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