Advisers slow to react to technological advances - Avelo

Advisers believe mobile technology will play an increasing role in their day-to-day business but are yet to embrace it, according to a study by Avelo.

Research found that around a third of advisers (32%) believe mobile technology, such as smart phones and tablet computers, are starting to take off and will continue to grow as a tool to deliver products.

However, 28% of brokers felt that such devices would be limited to use for information purposes, such as showing clients what products are available.

Paul Yates, strategy and product development director at Avelo, said that many brokers are looking at different ways of using technology but most are yet to get on board.

"Our research highlights that many advisers are at a crossroads when it comes to mobile technology.

"Mobile products will not be suitable for all customers but as a business, many advisers see "on the go" applications as giving them the edge by offering tools to share information with customers, in real time.

"The question for many has to be whether they can continue to offer high quality advice to their customers via mobile solutions, and whether the business benefit justifies the investment needed to get things off the ground.

"We expect mobile solutions to continue to rise in popularity as tablet and smartphone adoption increases but we do not believe it replaces the need for face time with an adviser."

The survey also found that 44% of brokers think the ability to use mobile devices to access information about clients when outside of the office is the best way to use technology, while only a fifth said it helped them further engage with clients.

More than half of brokers surveyed (52%) said they had no plans to develop a client-facing mobile product.

David Sheppard, managing director at Perception Finance, told Mortgage Solutions such products could often prove more trouble than they are worth.

"In reality, if you go to a client meeting with a lot of different IT products then they dominate the meeting. Without technology a broker can focus on the client and find out what they actually want.

"Customers want a personal touch and they shouldn't need technology to feel confident in an adviser. A client meeting should be about getting to know what they want, they need to trust the adviser and it doesn't help when you are bamboozling them with IT.

"If you need mobile technology to make a sale then it calls into question how good an adviser you actually are."

More on PMI

Helen Dick Senior Manager Claims & Underwriting Strategy @ Scottish Widows
PMI

Industry Voice: The value of the added value.

Scottish Widows' Helen Dick discusses why we should rethink about the benefits of protection

Scottish Widows
clock 25 November 2021 • 3 min read
Neville Koopowitz, CEO of Vitality
PMI

Neville Koopowitz: What we really mean by 'Shared Value' health insurance

‘Our core purpose is more relevant now than ever before’

Vitality
clock 19 November 2021 • 4 min read
Women In Protection & Health Awards 2022: Full list of nominees revealed

Women In Protection & Health Awards 2022: Full list of nominees revealed

Championing Diversity & Inclusion

COVER
clock 16 November 2021 • 7 min read

Highlights

COVER Excellence Awards 2021: All the winners revealed!

COVER Excellence Awards 2021: All the winners revealed!

Leading With Distinction

COVER
clock 03 November 2021 • 2 min read
COVER Excellence Awards 2021: The Night in Pictures

COVER Excellence Awards 2021: The Night in Pictures

A photo gallery from COVER Excellence Awards 2021, held at The Brewery, London, on 2 November.

COVER
clock 03 November 2021 • 1 min read
Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

'The key to supporting menopausal women is creating a culture in which conversations are welcomed and expected'

Gosia Bowling
clock 02 November 2021 • 6 min read