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In Practice January 26, 2009
Advisers on the Go Want Mobile Technology
Financial advisers are a mobile bunch and increasingly want access to client data and other services from their mobile phones.
Reported by Ellie Behling
In fact, 62% of advisers surveyed said they would find value in accessing business applications from their mobile device, according to a survey of advisers in the wealth management space by consulting firm Aite Group.
That could be because more than one-third of surveyed advisers spend more than 25% of their time outside of the office. However, half of surveyed advisers spend less than 25% of time outside the office, and 14% spend no time outside of the office.
Two-thirds of the advisers consider either financial planning or customer relationship management (CRM) applications their most important business tools. Accessing client and prospect information is by far the most frequently performed job-related task outside of the office. More than a quarter (28%) access client and prospect information at least once a day when away from their office, and close to 40% access client and prospect information at least every other day when on the road, according to the report.
Furthermore, the report said 72% of surveyed advisers consider technology very important or essential when deciding to work for a firm.
Mobile Management
There are some advisers surviving without a mobile device, albeit only 4%. More than 60% not only carry mobile devices, but have devices with capabilities that go beyond a standard mobile phone, such as a BlackBerry or smartphone.
While almost two-thirds of advisers have a data plan in place with their mobile provider, only 22% of advisers currently use their mobile devices for business tasks other than sending e-mails and managing contacts and calendars. That could change, as 62% of advisers would find value in accessing business applications via their mobile device.
Aite noted in its report that consumers are increasingly retrieving information from their phones, for instance even using mobile trading applications (see “TD AMERITRADE, Apple Launch Mobile Trading Tools’). Aite said the technology used by advisers often lags behind what is availalbe to consumers. Having the most up-to-date information available when the client inquiry reaches the adviser “can make an important difference in a client relationship, especially in difficult times like these,” the report said.
Aite Group interviewed a total of 201 U.S. advisers via an Internet-based survey in August.