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Mobile Apps, Social Media, and Online Adoption Among UK Financial Advisors

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23 November 2015
Ashley Longabaugh
Isabella Fonseca

Abstract

Celent conducted a survey of UK financial advisors on a variety of topic areas related to the use of digital technology to service retail customers, ranging from advisor and client demographics, technology as a tool to service clients, and rate of digital (i.e., online, mobile, social) adoption among advisors and clients.

The compilation and analysis of this data provide a better understanding of the demographics of financial advisors, the composition of their client base, and the rate at which digital technologies are being adopted and implemented across the wealth management advisory landscape. Celent further analyzed the responses to provide correlations between the data.

Some examples include:

  • Technology aptitude of advisors segmented by age, gender, and work experience.
  • Types of technology tools used based on years of experience as an advisor and on the wealth bracket of clients.
  • Technology tools used to serve different generations of clients.
  • Average account size and online collaboration tools used.

“Digital adoption will become more prevalent among advisors as clients expect a mix of tools to be used in their interactions with advisors. Additionally, we suspect that segmentation models which mandate specific channel delivery and services at certain wealth levels will slowly disappear,” says Ashley Globerman, an analyst with Celent’s Wealth Management practice and coauthor of the report.

“We expect an increasing use of digital channels to conduct more complex transactions, especially as the next generation of clients move up the asset level scale,” says Isabella Fonseca, a research director with Celent’s Wealth Management practice and coauthor of the report. “Mobile adoption among advisors, especially via tablets, will be crucial to keep up with the tech-savvy and sophisticated clientele they are servicing.”

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