With New Apps, Financial Advisors Are Going MobilePosted by in Blog on October 20, 2011
After a slow start, financial advisors are becoming more active with using smart phones and tablet computers for business, as well as mobile applications, RegisteredRep.com reports.
“Efficiencies in Wealth Management: Mobile at the Gate,” a new study by Aite Group, shows that financial advisors are increasing their spending on such items, spending at least $1200 a year, or over $100 a month, to get connected with mobile business applications. And some advisors are willing to spend even more money; the report says that five percent will spend between $200 and $499 monthly to get more business information from mobile apps, and four percent will spend over $500.
While many financial advisors have used their smart phones for personal use, it’s only recently that business applications have become popular in their industry, thanks to demand from clients. “Financial advisors who struggle with accessing applications on the go are often shown up by their clients on the mobile front,” the Aite Group report reveals. “Many clients are equipped with mobile technologies that allow them to access the many information sources available on the Internet as well as rapidly take action on information, e.g., place buy or sell orders with their online broker through their mobile phone.”
The survey of 402 financial advisors also showed that “U.S. wealth management firms have finally begun to take recent advances in mobile computing seriously” with more financial advisors having “realized that these devices are a must for financial advisors, and are currently working on defining a mobile strategy.”
Written by Lisa Swan