Boston, October 13, 2011 – A new report from Aite Group provides insight into the mobile communication needs and desires of financial advisors in the United States, and considers the implications of mobile communication to advisors and firms. Based on a March 2011 Aite Group survey of 402 U.S. financial advisors, the report provides an update to Aite Group’s January 2009 report, Efficiency in Wealth Management: Increasing Advisor Mobility, and details the evolution in mobile computing that has taken place since 2008.
U.S. wealth management firms have finally begun to take note of recent advances in mobile computing. While consumers have been rapidly adopting smartphones and tablets for several years, financial advisors remain largely unable to access their business applications when away from their desks. Many wealth management firms have realized that these devices are a must for financial advisors, who need to access client and prospect data, market information, and portfolio and performance details outside of the office. Firms cognizant of this need are developing mobile strategies that consider which advisor applications should be made accessible and which mobile platforms should be supported.
“Wealth management firms are clearly late to the game, and most firms still struggle to define a fitting mobile strategy,” says Alois Pirker, research director with Aite Group and author of this report. “At a time when switching firms has become a frequent occurrence for financial advisors, wealth management firms must be sure to understand advisors’ technological needs in order to retain valued producers.”
This 28-page Impact Report contains 18 figures. Clients of Aite Group’s Wealth Management service can download the report.