ST. LOUIS--(EON: Enhanced Online News)--Growth and client service are still of high importance to advisors, but technology is what keeps an advisor’s business efficient enough to focus on those other essential tasks. According to a recent study from Scottrade® Advisor Services, RIAs are investing in technology in order to achieve their business goals.
“For many financial advisors and their teams, technological change is outpacing their ability to adopt, learn and use it. Today’s advisor technology is so powerful and complex that it has become a behavioral challenge.”
The 2016 Scottrade® Advisor Services RIA Study revealed improving technology is currently the No. 1 investment priority for RIAs, slightly edging out growth and client service. Business growth has declined significantly in importance in the past year, moving it into second place behind technology.
“Ultimately, advisors are expecting technology to improve their business results by reducing costs, improving service quality, increasing profitability, and generally making life easier for everyone,” said Brian Stimpfl, senior vice president and head of Scottrade® Advisor Services.
The perceived benefits of improving technology are substantial, according to the study. Improving client service is the most commonly selected benefit RIAs hope to gain from the use of technology at their firm, and many also see technology as a way to provide convenient access and improved solutions to clients.
However, many advisors are concerned about staying up to date. Nearly half of advisors polled stated their biggest concern is keeping up with technology, followed by high cost and integration with other technologies they are using.
“The speed of tech innovation is accelerating, and though that’s often a blessing it can also be a curse,” said Stimpfl. “For many financial advisors and their teams, technological change is outpacing their ability to adopt, learn and use it. Today’s advisor technology is so powerful and complex that it has become a behavioral challenge.”
Access to new technology, support and training are vital assets for RIAs as they manage their practices. Scottrade® Advisor Services has agreements with several advisor technology providers – many at a discount – to help advisors stay up to date. For more information about the Scottrade Advisor Services Resource Center, visit advisor.scottrade.com/resource-center.html.
For more on the 2016 Scottrade® Advisor Services RIA Study, visit the Scottrade® Advisor Services RIA Study site at https://about.scottrade.com/media/research-findings/advisor-services-study.html.
* Percentages may not always add up to 100 percent because of rounding or the acceptance of multiple responses.
About the 2016 Scottrade® Advisor Services RIA Study
The 2016 Scottrade® Advisor Services RIA Study was conducted July 25 – Aug. 9, 2016, in collaboration with Harris Poll, an independent third-party research firm not affiliated with Scottrade Financial Services, Inc., its business units or subsidiaries. The 303 Registered Investment Advisors were aged 18 and older and were employed at firms managing at least $10 million in assets under management.
This online survey is not based on a probability sample, and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, please contact email@example.com.
The information and content provided is for informational and/or educational purposes only. The information presented or discussed is not, and should not be considered, a recommendation or an offer of, or solicitation of an offer by, Scottrade or its affiliates to buy, sell or hold any security or other financial product, or an endorsement or affirmation of any specific investment strategy.
About Scottrade® Advisor Services
Scottrade® Advisor Services is dedicated to supporting the needs of the independent registered investment advisor through available strategic resources and personalized support through dedicated relationship teams. For more information, visit https://advisor.scottrade.com.