Advisor360° Survey: Financial Advisors Are Losing Business Due to Subpar Technology

Weston, Mass.–(business telegram)–While the right technique can give financial advisors an edge, the wrong technique can cost them real dollars and real clients. A new report from Advisor360°, a leading provider of integrated technology for broker-dealers and other money managers, finds that 65 percent of advisors have lost business from clients or prospects because of outdated money management technology.

Of the 300 respondents surveyed at the inauguration, more than half (58%) Advisor360° Connected Wealth Report classify their technology as “modern,” but only 3 percent would call it “integrated and innovative.” The remainder — 39 percent — say they need a tech upgrade. Respondents who say they have modern technology are 50 percent more likely to report an increase in new customer assets and 33 percent more likely to receive customer referrals than those who say their technology needs an upgrade Is.

Senior Vice President of Corporate Development at Advisor360° Richard N. “For advisors who want to grow their business, technology can be a game changer,” says Hart. “Companies that can’t innovate or keep pace with peers by today’s standards are leaving money on the table.”

More than half of advisors who report that they lost business because their money management techniques didn’t live up to expectations say it happened to prospects. The remainder report losing business from existing customers.

Advisors say current money technology has gaps

The findings suggest that firms need to assess how well their existing technology enables advisors to work with clients, as 53 percent of respondents consider their technology to be an extension of their practice. Nearly 30 percent of advisors believe their current technology is holding them back when it comes to new business.

Still, although their current setup may not be perfect, the majority of those surveyed see their current wealth management platform as enabling them to focus on their most important clients (67%) and provide strong financial planning advice (63%) Give high marks for.

Advisors believe digital onboarding could have the biggest impact on the way they practice and work with clients. In fact, 25 percent of those surveyed classify their current onboarding process as a “bottleneck” when it comes to getting new customer relationships off the ground.

One of the biggest complaints advisors have about their current platforms is the lack of automation and functionality. For example, the survey shows that 41 percent of consultants spend an average of two hours before each client meeting on scheduling, running, and reconciling reports – and 26 percent spend more than two hours. In addition, 58 percent of advisors say their account aggregation capabilities need improvement.

Advisors want to stay connected with clients

The advisors surveyed believe that the most important aspect of a client’s digital money experience is their ability to see the full picture of their financial lives. Firms may have to work on this front. Forty-three percent of respondents say their technology is primarily advisor-facing, not client-facing, indicating that clients may be due for a refresh.

Advisors report that their clients are product-savvy, so they want technology that gives them access to products that are specific to their clients’ financial goals. In fact, they say that customer demand is highest for structured investments, followed by annuities and long-term care insurance.

Advisors are also attempting to use technology to connect with clients who are familiar outside the financial planning world. Although 73 percent of advisors say Millennials and Gen Z require a different type of engagement than Baby Boomers and Gen X clients, there is no age barrier for the tech-savvy. More than three-quarters (76%) of advisors noted that the ability to securely text or direct message clients of all ages has changed client relationships. Eight out of 10 (82%) say it is essential to integrate social media platforms into client-facing tools; In fact, about 30 percent consider it extremely important.

“Companies with the right technology improve their advisors’ ability to deliver strong financial guidance and build deeper client connections, which ultimately translate into stronger, healthier businesses,” Hart said.

Those interested in learning more can register to attend the upcoming webinar on December 6, 2022 at 4:00 PM ET.

About the Advisor360° 2022 Connected Wealth Report

For this 2022 Connected Wealth Report, Advisors360° surveyed 300 financial advisors and executives at large broker-dealers, registered investment advisors and bank trust companies across the United States to gauge their perspective on the role technology plays in facilitating their businesses. The telephone- and email-based survey was conducted during September 2022 among financial advisors and other executives at firms with more than $5 billion in assets under management and an average of more than 1,000 employees. The survey was conducted by Coleman Parkes Research on behalf of Advisors360°. Advisor360° and Coleman Park are separate and unaffiliated organizations.

About Consultant360°

Headquartered in Weston, Massachusetts, Advisor360° builds and integrates technology for wealth management firms. The company’s award-winning integrated and open architecture SaaS platform brings a connected digital wealth experience to financial advisors, their clients and the home office, so firms can drive better results and innovate faster, resulting in increased growth and deeper relationships . When it comes to portfolio and performance reporting, financial planning, insurance, proposal creation, trading and model management, digital onboarding, document management, analytics and compliance, Advisor360° clients benefit from time-saving capabilities and streamlined workflows. The company’s proprietary Unified Data Fabric™ (UDF) is the foundation of its platform, weaving together shared services and pre-built integrations that work with existing technology stacks.

Today, 3 million households with $1 trillion in assets benefit from the connected Advisor360° experience. To learn more, visit

About Coleman Parks

Coleman Parkes is a full-service B2B market research agency specializing in IT/technology studies, targeting senior decision makers in SMBs to large and enterprises across multiple sectors globally. For further information contact: [email protected]


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