Advisers using tech outperform peers

12 May 2022

Tech-focused adviser firms are outperforming their less tech-savvy peers, according to the latest Intelliflo’s eAdviser Index.

Advice firms that maximise their use of intelliflo office were found to generate more revenue, more clients and larger assets under advice, the findings showed.

By analysing nearly 4 billion clicks through intelliflo office over the last year, the technology platform scored and segmented advice firms based on their level of tech adoption. Firms were segmented into four groups based on their eAdviser scores; explorers (firms yet to realise the full potential of technology), adopters, embracers and champions (firms adopting technology to its fullest potential).

Advice firms that fell into the Champions group were found to generate 44% more revenue per adviser compared to explorers and 59% more ongoing revenue per adviser than explorers. In addition, champions also have 48% more assets under advice per adviser than explorers and 28% more clients per adviser.

Nick Eatock, ceo of Intelliflo, said: “Adopting technology to its full potential is a big step to closing the affordable advice gap by enabling advisers to service more clients and at a lower cost. This year’s eAdviser Index demonstrates again that adopting intelliflo office to its full potential can have a fundamental impact on advice firm’s revenue and number of clients advised. Yet we still find that some advisers adopt as little as a tenth of the technology they have at their fingertips.”

Richard Wake, UK head of intelliflo, added: “For firms at the start of their technology journey, investing the time to learn, understand and embed intelliflo office into their own processes and systems will enable them to reap the benefits. We provide interactive help within the technology so customers can learn ‘in the flow of work’, as well as digital courses and regular webinars on key topics to ensure our customers have a good understanding of new functionality or the recommended way to complete a process. We believe passionately in financial advice and our mission is to make advisers more efficient and effective.”

Professional Paraplanner