Survey finds that as technology becomes a necessity in wealth management, advisors are struggling to navigate the increasingly crowded marketplace of product offerings
NEW YORK, June 16, 2022 /PRNewswire-PRWeb/ -- A new survey conducted by Arizent, parent company of Financial Planning, finds that advisors have a difficult time navigating the increasingly crowded marketplace of digital wealth management tools, and few are confident they have made the right decision with technology. This opens up opportunities for solutions providers to improve their offerings.
Of those included in the Financial Planning 2022 Tech Survey: The Wealthtech Labyrinth, about 93% of financial advisors agree that technology plays a critical or very important role in their practices. Approximately 68% say their firm prioritized spending on technology over other business needs in the last year. However, only 38% of advisors are confident that they've made the right decisions with regards to new tech.
"From marketing and onboarding to managing portfolios, technology is more critical now than ever for financial advisors," noted Janet King, Arizent's Vice President of Research. "Technology has become a top concern, with many prioritizing it over other business needs like hiring, compensation and even client acquisition."
The research also found that a firm's size and budget play a role in technology priorities. Financial planning software, CRM, client portals and client communication tools, like video conferencing and texting, are more common among organizations with smaller budgets. Firms with larger budgets are making greater use of marketing automation, robo advisors, chatbots and cryptocurrency trading.
A session at Financial Planning's INVEST conference, taking place in New York City June 16-17, will dive deeper into the findings of the research report. Original research is available to subscribers of Financial Planning, and the full Wealthtech Labyrinth report can be downloaded at https://www.financial-planning.com/research-report/the-wealthtech-labyrinth.
Research Background/Methodology
This research was conducted by Financial Planning's parent company, Arizent, to understand current technology trends shaping wealth management. An online survey conducted in February 2022 was completed by 250 advisors from a range of firms, including independent broker-dealers, employee advisors and fee-only firms of various sizes.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Financial Planning
Financial Planning empowers financial advisors and wealth managers with essential insights and ideas that will grow their businesses. Through authoritative journalism, events, research and continuing education, it helps firms drive their businesses and the industry forward, navigating the critical opportunities in practice and client management, wealthtech, investment strategies, tax and retirement planning. With a wealth management community of more than 600K, Financial Planning delivers unique content every day that connects leaders in person, in print and online every day.
Media Contact
Janet King, Arizent, 207-807-4806, [email protected]
SOURCE Arizent
Share this article