"A year on, advisers have proved themselves to be resilient and quick at adapting to fit their customers’ needs."
When asked about the biggest changes they’ve observed over the last 12 months, 48% of adviser firm employees reported an increase in the number of clients.
For more than a third (38%) of respondents, technology enabled them to service clients in different locations over the last year, signalling the power of technology in customer acquisition.
53% of advisers believe there will be more new clients seeking advice, compared to just 3% who think there will be less. The future looks bright for consumers too, as 70% of advisers think their clients’ personal finances have improved during the pandemic, compared to just 4% who believe they’ve worsened.
Comparing this year’s findings to intelliflo’s poll April 2020, the results show how far advisers have come in adopting technology. Last April, 42% had adopted technologies that they planned to implement permanently – this has now risen to 67%. One third (32%) had adopted new technologies that were enabling them to become more efficient and this has now risen to 64%.
When asked what their business has been able to improve on over the last 12 months, better adoption of technology with employees (65%) and better adoption of technology by clients (60%) came out on top.
Last year, intelliflo’s poll revealed advisers’ top concerns for the year ahead were maintaining relationships with clients (42%), reduced level of business (40%), and navigating market uncertainty (37%). However, intelliflo’s 2021 poll shows that these fears haven’t been fully realised. For instance, while 40% of advisers were concerned about a reduced level of business in April 2020, today, 9% report this as a challenge.
Instead, the greatest challenges today include staying abreast of changing rules and regulation (35%) and time management (32%).
Nick Eatock, CEO of intelliflo, commented: “These findings bring some much-welcomed positive news for the advice profession, following a highly uncertain period. When we spoke to advisers last year, they were understandably cautious and nervous of what lay ahead but, a year on, advisers have proved themselves to be resilient and quick at adapting to fit their customers’ needs.
“Clearly, technology has made the last year easier, with businesses being able to quickly move to the virtual world. In doing so, advisers are finding greater efficiencies and new uses of technology that are helping their business grow. We look forward to seeing this continue as we move forward in a new era for financial advice.”
