Apps and tablets the future for financial planners
Financial advisers will increasingly need to look to mobile devices such as smart phones and iPads if they are to improve their client services and reinforce their value proposition to clients, according to new research released in the US.
The research, undertaken by a Boston-based financial research and consulting firm, has forecast continuing double-digit growth of smart mobile devices.
It said many financial advisers in the US were bringing their own devices to work and looking for innovative apps to help them be more productive.
The central findings of the Celent Report were that financial advice apps would be crucial to the future success of wealth management firms, with more advisers using smart devices and apps to improve their client services and reinforce their value to clients
As well, it found that expectations were changing with many clients, including many high net worth clients already owning smart devices and using them on a daily basis.
"Celent believes wealth management firms are under increasing pressure from advisers and clients to provide apps and smart device support for their advisers," the report said.
Looking specifically at the US, the report said that in 2012, Celent estimates smartphone units will grow 35 per cent to 664 million units (versus 61 per cent growth and 492 million units in 2011 and 74 per cent growth and 302 million units in 2010).
It said tablets are also experiencing significant growth, with Celent estimating 115 million tablets will be sold in 2012 (versus our estimate of 61 million units in 2011 and 17 million units in 2010).
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