Advisors embracing online tech

The financial services industry is embracing online technology as advisors look for ways to better serve investors, according to a Mackenzie Investments survey conducted by Environics.

Read: How tech is changing the way people work

The survey shows advisors are engaged online and spend a significant amount of their time on the internet reviewing industry websites, publications and investment firm websites. The vast majority of advisors (90%) indicate that login areas where they can access advisor-specific content are useful and the same percentage also value current and relevant information that they can share with clients.

Not only do advisors want personalized content, but 80% also expect direct access to their sales team through an investment company’s website.

A wide majority of advisors (88%) currently use at least one internet-connected mobile device such as a smartphone or tablet and almost a third (29%) use a mobile device, such as a tablet, in client meetings. For advisors who do not currently use a mobile device in client meetings, 51% expect to start using one in the next year.

The use of social media in advisors’ practices is becoming increasingly important with 58% using social media for business and more than two thirds (67%) saying they expect their social media use to increase.

Other key findings:

Advisors are most likely to share:

• Personal financial planning content (76%)
• Fund or product profiles (75%)

Read: Can a robot replace you?

• Breaking news insights (63%)
• Commentaries by portfolio managers (57%)

When it comes to industry websites:

• 78% of advisors rate shareable content as a top priority
• 66% of advisors want sites that can be fully accessible through mobile phones or tablets

Mobile device use:

• 36% use them to read email
• 31% use them to read news
• 19% listen to podcasts
• 17% watch video
• 16% connect with clients through social media

LinkedIn is the preferred social platform among financial advisors:

• 68% of advisors have a profile
• 59% have client connections
• 55% use it in their practice

Over the next two to three years, advisors expect to increase their use of social media:

• 60% will use it to build their brands or profiles
• 56% will share investment-related topics with clients
• 52% will use social media when prospecting for new clients

Read: 6 tips for attracting new clients on LinkedIn