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Michael Sill
Michael Sill, Mentor Education

Financial Technology Report Finds Integration Issues

16 July 2015

The May 2015 Planner Technology Report has found that financial planners are facing difficulties integrating different support systems in their businesses.

The Investment Trends report now in its twelfth year takes a detailed look into  technology requirements of financial planners. The survey of 892 financial planners found that 88 per cent of respondents were looking for ways to improve the integration of their systems. A further 43 per cent of planners are willing to use solutions such as platforms or software tools to have their integration needs met even if it means spending more money.

One of the key findings of the report was that tablets are set to become a regular addition for financial planners’ business advice process in the future. The report found that currently 37% of planners already use tablets for business purposes and a further 41% would like to do so.

Recep Peker, Investment Trends head of research for wealth management said that with integration causing daily friction for planners, “any improvements towards alleviating this are likely to be well received by financial planners.”

Peker says that, “there is strong evidence that tablet devices can play a key role in enhancing the client engagement experience” and their research has found that, “clients had extremely positive experiences when a tablet device was used by their financial planner.”

In early June, we reported that Australian financial planning software provider Adviser Intelligence is set to launch new software in a bid to help with planner efficiency. The software is marketed to help financial planners become up to four times more efficient and is said to reduce the insurance statement of advice from four hours to one.

Recep believes there is plenty of opportunity for any software provider to work with planners to improve integration and confirmed that, “the largest integration opportunity is through streamlining the platform account opening process from planning software.”

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