Technology is playing an increasingly “powerful role” in enabling advisers to deliver more flexible, efficient and personalised advice, new research from ValidPath has shown.
According to the IFA network’s survey, 22% of clients live more than an hour away from their adviser, meaning that virtual meetings, digital onboarding and online communication tools are critical to maintaining a relationship.
Nearly one in three (28%) meetings are taking place remotely, with only 29% of advisers surveyed stating that they view face-to-face meetings as essential for establishing new relationships.
Almost half (49%) of advisers said technology is vital to their business success, making it the most important factor behind ‘identifying, attracting and retaining clients.’
However, ValidPath said the growing role of technology does not signal the end of in-person advice.
“Client expectations, preferences and physical realities combined with new technology and communication channels are broadening the opportunities for providing advice. Increasingly, utilising a hybrid approach of face-to-face meetings and remote servicing is enabling IFAs to service more people, more cost effectively, with a better user experience,” said Angus MacNee, CEO of ValidPath.
He added: “A robust technology strategy cannot be aspirational, it needs to be implemented as a crucial enabler that allows advisers to focus on delivering meaningful, personalised advice while offering clients the flexibility they may need or increasingly expect.”
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