The vast majority of advisors surveyed (92%) said they currently depend on core planning, portfolio allocation, portfolio management, and customer relationship technologies that their firm provides. However, just under half (48%) assessed that technology as “very valuable.”
The study also pointed to a growing importance of integration, considering the growing diversity of tools and technologies employed by advisors. Across both employee and independent advisor channels, just a fifth of respondents (21%) said their platform is “completely integrated” with features such as single sign-on, data-synching and workflow.
Crucially, the platforms that feature complete integration showed markedly higher scores on technology satisfaction than those without it. The presence of complete integration correlated with a 276-point increase in satisfaction among employee advisors, and a 193-point increase among independents.
And while uptake of predictive analytics tools – such as AI-driven systems to extrapolate clients’ needs or identify at-risk clients – remains relatively low, the survey found they can have a powerful positive effect on advisor satisfaction.
While only 9% of advisors surveyed said they currently use AI tools, advisor satisfaction rises 95 points (on a 1,000-point scale) among those who use such tools. Advisors were also more likely to consider platforms with AI-driven functions as valuable compared to just basic planning tools.
