RIAs represent 68% of total survey respondents. Interestingly, only 6% cited technology and increased technological ability as essential to future business growth.
Marketing and improved client relationships were the focus for growth at 33% and 28% respectively.
The objective for increased technology spending is to improve processes and work flows.
Ironically, increasing efficiencies in those areas creates more time for marketing and nurturing client relationships.
Advisors also said that learning to use their firms’ technology more robustly instead of acquiring new or emerging systems is more critical to their business growth.
Investing in new software was cited as the best way to increase productivity. Another 51% of respondents said that having a knowledgeable staff with separate non-tech roles to manage implementation, maintenance, and support.
Continued changes and rapid development in technology will continue to push advisors toward outsourcing tech products and services.
Any vendor wishing to make money in the advisor space needs to host their own services and offer access to mobile applications.
Mobile security is a growing concern but only 38% of advisors using mobile devices have mobile archiving capabilities and only 33% had extra security protection for their devices.
Clients want to interact with advisors more and more through mobile devices so their use and popularity will continue to increase.

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