I’ve seen it firsthand, Wall Street hates technology. Most advisors are scared it will make them obsolete & firms generally hate that anything digital is permanent and searchable; The two things that make arbitration easier for clients…
…Ninety two percent of advisers, for example, believe that face-to face meetings are the most important form of communication with their clients. Just 4% said online communication was critical, and only a third said email communication was a priority.
Investors, on the other hand want to more of their financial planning virtually. Indeed, fully eighty two percent of those surveyed said they wanted access to their financial statements online, and half of them said they wanted their wealth management firms to upgrade their systems to enable more interactive communication with their advisers.
Shedding a bit more light on the topic, today I found these fantastic charts over on Registered Rep about how we consume investment data online.
Really insightful stuff.