The majority (89%) of financial advisers are using some form of new technology as a result of the Coronavirus pandemic, with the change likely to be permanent, according to a new report.

Over half (54%) of advisers told Vitality that they have needed to reassess the technological capabilities of their business since the start of the pandemic.

Three-quarters of those surveyed (74%) said they expect to retain video conferencing and 28% said they expect to host or attend virtual events even after the pandemic ends.

Over half (56%) of advisers surveyed by the provider said cashflow modelling tools would help improve their ability to manage customer outcomes, while better integration of back-office technology (40%) and better and faster onboarding (28%) would enable them to generate greater efficiencies.

Chris Green, managing director of advice firm SG Financial Services said: “The pandemic has forced many advisers to reassess their technological capabilities, and for us, the changes we’ve made have become central to our business model.”

Opinium surveyed 202 UK financial advisers on behalf of Vitality in February.