JUNE 2021


Register with PP

Newsletter, Jobs & Event Alerts


Digital fact find favoured by 75% of advisers

27 January 2021

Demand for digital fact-finds soared during 2020, marking a significant shift in how advice firms collect client information during the financial planning process.

Research carried out by CashCalc at the end of last year found that three quarters of advisers (75%) and a similar number of clients (77%) prefer to use digital fact-finds over hard-copy versions. This marked an increase of 51% and 15% respectively compared to the same research conducted in 2019.

At the same time, the number of advisers preferring hard-copy versions dropped from 41% in 2019 to just 13% in 2020.

Over four fifths (85%) of advisers and nine out of ten clients (90%) said digital fact-finds were efficient and convenient, leading to 86% of advisers and 83% of clients agreeing that it had helped to save time during the onboarding process.

Between 2019 and 2020, software provider CashCalc said it witnessed a 50% increase in the number of digital fact-finds either being completed by clients or pre-populated by advisers for clients to update.

Ray Adams, director, CashCalc (pictured), says: “The results of the research we conducted in 2019 and 2020 demonstrates a positive shift towards the use of digital fact-finds, which is incredibly exciting. Not only do digital fact-finds offer a host of benefits but they can be the key to help streamline the entire financial planning process. For example, if the client provides the necessary information via a digital fact-find, this information can then be instantly sent to your back-office system or your financial planning tools, or it can even automatically generate documents such as a Letter of Authority – and not once have you had to key in any information.”

Adams adds: “Digital fact-finds can be very powerful and it’s exciting to see advisers are starting to embrace such technology and enjoy the benefits.”

Professional Paraplanner