Millennial advisers see technology as key to winning clients

They are more than twice as likely as baby boomer advisers to beef up web sites, mobile technology, cybersecurity

Dec 2, 2019 @ 2:09 pm

By InvestmentNews

Perhaps not surprising, since they don't remember a time when digital devices weren't part of their lives, nearly 3-in-10 millennial advisers (29%) say that adding new technology is the most important thing they will do over the next 12 months to enhance the profitability of their practice.

That's roughly three times more than the 11% of baby boomer advisers who plan to do the same.

According to Nationwide Advisory Solutions' fifth annual Advisor Authority, millennial advisers are also somewhat more likely than boomer advisers to increase their use of mobile technology (25% vs. 19%), over three times more likely to make enhancements to current websites and/or client portals (20% vs. 6%), more than twice as likely to offer robust cybersecurity procedures (12% vs 5%) and more than twice as likely to leverage robo-advisers or other digital portfolio allocation tools (12% vs 5%).

[Recommended video: Finding the next generation of advisers]

The survey of more than 1,800 registered investment advisers, financial advisers and individual investors conducted online by the Harris Poll found that boomers are far more likely than millennials to say that the top way technology helps them provide better service is to free up time to focus on one-on-one relationships with clients (38% vs. 26%). Millennial advisers, by contrast, are more than twice as likely as boomers to use technology to engineer investing strategies for better returns (21% vs 9%).

0
Comments

What do you think?

View comments

Recommended next

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print