Apps are growing increasingly common among financial planners.
A recent study conducted by Bill Fearnley, Jr., for Celent, a research and consulting firm that focuses on the use of information technology in the financial services industry, found that apps are gaining momentum in the sector.
It shouldn’t come as a surprise: Apps offer a number of benefits to financial planners.
Still firms have not embraced the technology as quickly as one would expect. Only four of the firms in Barron’s 2012 index of the Top 40 Wealth Managers provided apps to their advisors according to Celent. But more are expected to unveil new apps in 2013 and 2014.
That means that the sooner firms roll out their apps the better, because as more employ the technology, the competitive advantage it offers diminishes.
“When you look at mobile adoption, how slow it is going,” said Alois Pirker, research director at Aite Group, “there’s an open opportunity for firms. But that window’s closing.”
Here are five reasons why advisors should make apps an integral part of their business strategy:
Source: “Apps for Advisors: 2013 Update.” Bill Fearnley, Jr., Celent
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