Numbers Game

Numbers Gameblog

Latest research and trends from around the financial advisory business, updated regularly highlighting stats, charts, infographics and all things data.

America's digital financial habits disappoint

Financial firms target technology to help clients save and invest more intelligently

Nov 4, 2017 @ 6:00 am

By InvestmentNews Research and Ellie Zhu

Consumers of all ages are spending their money online, but fewer use digital tools to save and invest. Firms are looking for tools to make it easier.

Digital tools can enhance their clients' financial services experience and the overall stickiness of customers.

Forward-thinking financial services firms are deploying the newest technologies for clients and they're how firms plan to grab the increasingly digital consumer. Check out how the typical American customer is spending their online lives.

Digital finance tools
Investor use of digital personal finance tools and applications
Advisers emphasize 
investing in emerging 
technologies
Which of the following would be most critical to achieving your firm's goals for growth?
2015
2017
Fully utilizing my firm's current technology
Investing in new and emerging technologies
Technology will not play a significant role in 
my firm's ability to grow
THE 
“DIGITAL 
DIVIDE”
Individuals are 
3.5 
times more likely to have an 
Amazon Prime account than 
a 529 college 
education 
account 
(68% vs. 19%)
66% 
of individuals 
use a payment application, 
such as PayPal, while only 
14% 
have ever
used an online budgeting tool
52% 
of individuals play games 
on their mobile phones, 
while only 
28% 
have ever used 
a retirement 
calculator
Consumer online usage
Average hours spent online daily, by age

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

The biggest drivers in wealth management today

What's shaping the future of financial advice? After 10 years of MarketCounsel Summits, Brian Hamburger explains what's changed in the past decade and what stands ahead for adviser technology and regulation.

Video Spotlight

Help Clients Be Prepared, Not Surprised

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

RIAs struggle to keep clients grounded amid stock market euphoria

With equities at record levels, financial advisers are confronted with realities of greed and fear.

Regulators showing renewed interest in cracking down on investment fees

SEC, Finra targeting high-fee share classes, 12b-1 fees and failure to give sales load discounts and waivers to investors.

Tax update: Brady says sales tax deduction in final bill

Taxpayers will be able to deduct state income taxes or state sales taxes in addition to property levies — up to a $10,000 cap.

Complexity of new indexed annuities causing concern

Insurers are using 'hybrid' indices as a way to differentiate themselves, but critics contend the products are less transparent, more confusing and don't add financial benefit.

Critics say regulation hasn't curbed overly rosy projections for indexed universal life insurance

They say rule didn't go far enough and more stringent measures may be necessary.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print
This story is part of XMore ▲