A new analysis from Schwab Advisor Services shows 53% of
RIAs see technology as an important deliverable for retirement plan and
individual wealth management clients. While technology innovations have long
been used to improve RIA operational efficiency and service delivery
capabilities, Schwab says the delivery of technology tools and services for
direct use by clients is increasing across the RIA industry.
As mobile technology gains prominence, more than two-thirds
of those surveyed for Schwab's analysis said they either already feel mobile
technology’s impact at their firm or that they expect to within the next three
years. Among the benefits of mobile tech that are of greatest value to RIAs are
looking up account information (35%), receiving alerts and electronic approvals
(28%), and accessing reports and documents (19%).
Other findings from the “2014 SOLUTIONS” survey show that
RIA firms report spending significant amounts of time on data management and
system integrations—and on creating client dashboards, building digital reports
for clients, and utilizing technology in presentations and billing processes.
Half of RIAs polled say they do not use any social media
within their firm. Of those who do, LinkedIn is the most widely used, with 26%
of respondents using the platform exclusively. More than seven in 10 advisers
who are active on social media say they use the technology in their practice at
least once a week.
For their part, clients of RIAs are strongly embracing a
technology-enhanced service experience if it is made available to them.
According to the survey, most RIA firms and their clients are on a similar
technology adoption curve, with 60% of RIAs reporting that clients have been
adapting positively to new service approaches and technology solutions.
The more than 1,000 responses included in the “2014
SOLUTIONS” survey were collected from RIAs headquartered in 12 U.S. cities
during the summer of 2014. More information is available at www.aboutschwab.com.
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