Higher earners were more likely to want digital access from their financial adviser than those earning less
Higher income earners were more likely to want to track their finances and communicate with their financial adviser via mobile applications than lower earners, according to new research.
Of those earning over £60,000, 81% wanted to track their finances via mobile app, rising to 88% for those earning over £80,000, according to the new research from AdviserSoftware.
Unsurprisingly, younger clients were the most likely to want to track investment and access Financial Planning content via an app.
The survey found that 75% of 18-34 year olds (Gen Z) want to track investments and access financial planning content via an app; of those aged 35-54, 65% would like to have the ability to do this, along with just over a third (35%) of those aged 55 plus.
Overall, 61% of the 4,000 consumers surveyed would like to track their pensions, investments and access personalised financial content via a mobile phone app.
However, the demand for human interaction also remained strong.
Across the age groups an average of 57% still wanted to speak to a financial adviser to obtain investment advice, and 62% wanted digital solutions and human interaction to work in tandem.
Ben Goss, CEO of software provider Dynamic Planner, said: “Younger generations will increasingly set the agenda for how they want to engage with financial advice. Their worlds are mobile and app led and if financial planning can be offered in the way they consume services elsewhere, we will look back on technology as the catalyst that finally engaged and educated young people with investing.
“The findings in this report show that for our industry, embracing technology is an opportunity that should be ignored at its peril.”
AdviserSoftware is a division of fintech consultancy The Financial Technology Research Centre. It provides information for advisers on the technology available to them.
- Opinium surveyed 4,000 UK savers on how they want to access financial advice on behalf of AdviserSoftware in February and April.