They are more than twice as likely as baby
boomer advisers to beef up web sites, mobile technology, cybersecurity
Dec 2, 2019 @ 2:09 pm By InvestmentNews
Perhaps
not surprising since they don't remember a time when digital devices weren't
part of their lives, nearly three-in-ten millennial advisers (29%) say
that adding new technology is
the most important thing they will do over the next 12 months to enhance the
profitability of their practice.
That's
roughly three times more than the 11% of baby boomer advisers who plan to do
the same.
According
to Nationwide Advisory Solutions' fifth
annual Advisor Authority, millennial advisers also are somewhat more likely
than boomer advisers to increase their use of mobile technology (25% vs 19%),
over three times more likely to make enhancements to current websites and/or
client portals (20% vs 6%), more than twice as likely to offer robust
cybersecurity procedures (12% vs 5%) and more than twice as likely to leverage
robo-advisers or other digital portfolio allocation tools (12% vs 5%).
The
survey of more than 1,800 investment adviser representatives, financial
advisers and individual investors conducted online by the Harris Poll found
that boomers are far more likely than millennials to say that the top way
technology helps them provide better service is to free up time to focus on
one-on-one relationships with clients (38% vs 26%). Millennial advisers, by
contrast, are more than twice as likely as boomers to use technology to
engineer investing strategies for better returns (21% vs 9%).
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