And the other half could be ready to switch firms too
As the battle for the best talent remains one of the big challenges for wealth management firms, a new report reveals a major pain point among advisors.
Technology is such a vital part of every workday that firms that don’t provide the best tools to enable advisors to be productive, efficient, and feeling supported are likely to lose out. And that’s been reflected in a new report from Advisor360.
The survey that forms a key part of the research reveals that 92% of advisors who took part said they would consider leaving their current firm if tech was not good enough, while 44% said they have already jumped ship for that reason.
Firms that believe their team are happy with the technology they use may be misguided as 65% of respondents said the tech stack they are using needs improvement, with data the most cited issue followed by a lack of automation and AI tools. Client onboarding is also a common weakness.
The Connected Wealth Report involved 300 advisors with an average age of 36.5 and managing an average $40 million in client assets.
Almost six in ten respondents said they had lost business in the last year due to sub-par tech, rising to 92% when considering the last two years, while 93% said they have gained clients thanks to state-of-the-art technology that gives them an advantage over competitors.
Socially active
While video meeting software is considered effective by many respondents, being able to use social media is essential with six out of 10 wanting access to either LinkedIn or X/Twitter, while more than half (56%) consider Facebook important.
“The right technology choices, together with clean data, can unleash productivity like we’ve never seen before. To tap into this, firms need the right technology partners—ones that are forward thinking and able to satisfy multiple generations of investors and the advisors who serve them,” said Jeff Schwantz, chief revenue officer of Advisor360. “As our research shows, technology can be expensive to purchase, deploy and adopt, but the cost of inertia is much higher when you consider the revenue impact of losing advisors.”
