By Cyril Tuohy
While a majority of financial advisors (56 percent) do not use social media as part of their business strategies, the vast majority also indicate a preference for doing business with companies that have stable, easy-to-use technology.
More than 75 percent of advisors surveyed consider easy, intuitive technology platforms as the most valuable service financial institutions can provide because it makes investing easier for them, the study found.
Only 6 percent ranked social media as one of their top-three sources of new leads, the survey also found.
“Time management has never been more critical for advisors, as they balance running their practices efficiently and navigating myriad investment choices to meet the needs of their clients,” Mark Schoenbeck, senior vice president of marketing for Curian Capital, said.
Results are included in the latest edition of the Curian Advisor Survey: 2013 Outlook for Advisor Priorities, a poll of 2,088 advisers conducted online in January by Curian.
As many as one third of advisors don’t use any kind of tablet device, the survey found, but of those that do, more than 50 percent say they preferred the Apple iPad.
Respondents were split as to what kind of functions they would like to see on a mobile device, with 49 percent saying they prefer apps that mimic a company’s primary website, and 46 percent preferring tools and calculators.
The Curian survey sheds light on how advisors use technology, and the results come at a time when many life and annuity underwriters are looking to upgrade their agent portals and replace their core policy administration systems.
Survey answers reinforce the need for insurance companies to have technology that is accessible and easy, as agents and financial advisors care more about being able to fill out policy forms accurately and quickly than they care about searching for new clients through social media.
An overwhelming majority (95 percent) also said they were either moderately or very concerned about rising interest rates, and 87 percent said that tax efficiency and after-tax investments results ranked as “important aspects” of client solutions, the survey found.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].
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