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How technology is changing the dynamic between clients and advisors

There is no doubt that technology is constantly changing our everyday lives. From the way we access information to the speed at which we expect tasks to be completed, the advances in technology impact almost everything we do.

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Another advantage of technological advances is the ability to create far greater personalised experiences. This has a meaningful impact across many industries, with social behaviours changing and people increasingly expecting such customised approaches in business relationships. This change in dynamic is particularly true of the relationship between investors and financial advisors.

Customisation is key to competitiveness

A recent survey of 500 financial advisor clients revealed that more than half of the respondents received some level of customisation in their communications from their financial advisors; however, less than four in ten people found this content engaging and even fewer found the information sufficient for them to take action.

The methods of communication used to share tailored information are equally important; for example, a high proportion of millennials prefer social media channels and information that can easily be accessed via a smartphone compared with many people from older generations who still prefer paper-based correspondence.

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Whatever the channel of communication, the need for this to be customised remains essential for every client group. The message is clear: to stay competitive, financial advisors must recognise changes in the way their clients prefer to receive information and respond accordingly.

Embracing the diversity

With a greater need to arrange highly customised content for their clients, it is becoming vital for all independent financial advisors (IFAs) to embrace technological advances that make producing diverse materials easier. Thankfully, IFA software from providers such as can help to make it simpler to customise information to meet the demands of different clients.

In addition to ensuring their IFA is a member of the Financial Conduct Authority, clients also want to ensure that their IFA is keeping up with the times and embracing technological innovations.

To avoid being left behind, financial leaders must embrace this digital transformation and find ways to integrate it into their business communications; after all, with accessible information for practically anything now at our fingertips any time of day or night, why would clients not expect the same from the financial services industry?

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