There is growing demand among consumers for digital solutions within their financial planning, a new survey has revealed.
The survey, published by AdviserSoftware.com and commissioned by Dynamic Planner, found more than half (51%) of UK consumers want to receive information electronically from their financial adviser.
More than three quarters (80%) of 18-34 year olds want to track investments and access personalised content via an app, with 65% of those aged 35-54 stating the same. The figure drops to 35% for those aged 55 and over.
Overall, 61% of the 4,000 UK consumers want the ability to access financial planning via their mobile.
Despite growing demand for technology, the survey also revealed that there is still a need for human interaction. Across the age groups, an average of 57% said they want to be able to speak to an adviser to obtain investment advice and 62% want digital solutions and human interaction to work in tandem.
AdviserSofware said that when looking at income levels, 81% of those earning £60,000 plus want to track their finances via mobile app, rising to 88% for those earnings £80,000 and above.
Jason Green, chief commercial officer at AdviserSoftware.com, said: “This data shows the increasing appetite from consumers to have multiple ways to access information and digest advice. To meet this rising demand, advice firms will need to be able to offer a high-quality experience that blends the best of human and digital into the client experience.
“Advice businesses can no longer ignore the opportunities that technology can bring across all age and income demographics to give consumers customised advice and meet their obligation to deliver client value.”
Ben Goss, CEO of Dynamic Planner, said technology will prove to be the catalyst that engages and educates young people about investing.
Goss added: “The findings in this report show that for our industry, embracing technology is an opportunity that should be ignored at its peril.
“To hold the financial plan in the palm of your hand via a mobile app will increasingly be an expectation across all age groups. With the ability to reduce costs and increase efficiencies for advice firms, technology will enable advisers to serve a larger number of people and the potential to bring a new generation to access high quality, engaging digital financial advice.”
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