Advisers lagging in mobile-device apps

The average investor is putting his or her financial adviser to shame when it comes to accessing financial applications from their smart phones and tablets, according to a new report by researcher Aite Group LLC.

That’s because retail banks and online brokerage firms were the “early movers” in making services available to mobile smart devices, and investors have gotten used to direct-to-client trading services on platforms from Fidelity Investments, Charles Schwab & Co. Inc., TD Ameritrade Inc., and E*Trade Financial Corp., according to Aite’s report, released Thursday. As a result, advisers “are often shown up by their clients on the mobile front,” the report said.

Leading wealth management firms and their financial advisers “have been much slower to take advantage of the latest mobile technology trends,” the report said. “This has put financial advisers at a disadvantage, one especially apparent in client meetings as consumer expectations for getting real time responses to their questions have risen sharply.”

In fact, Aite’s recent study of retail FX brokerage found that 8% of the total volume placed on retail FX platforms is initiated from mobile devices. In July 2010, TD Ameritrade reported an annual growth rate of 125% in mobile devices accessing its online brokerage platform.

Financial advisers need to step up the pace, Aite said. In its March survey of 402 U.S. financial advisers, 43% said having mobile access to business applications is important or very important for 2011. Advisers are willing to pay for mobile business services, with 20% saying they would pay $100 or more a month. In the next year to 18 months, 29% of financial advisers said they will begin using a tablet for business.