Almost one in two advisors say their greatest technology challenge is a lack of integration or automation, according to new research.
Blueleaf, a Cambridge, Mass.-based provider of asset management solutions, published this finding in a survey that explores financial advisors’ business goals, strategies and challenges, as well technology plans for 2013. The company completed the national online survey of financial service professionals (more than half of whom are registered investment advisors) in February.
Nearly one-third of the advisors questioned in the survey (32.3 percent) cite a lack of integration among technology solutions as their greatest challenge. And an additional 16 percent indicate a lack of automation.
Other advisors point to lack of budget (14.5 percent), lack of expertise (10.9 percent), lack of functionality (8.8 percent) and lack of training and support (7.8 percent) as their greatest technology challenge. Fewer than one in two respondents (9.8 percent) say they have no technology challenges.
The report adds that one-third of advisors spend between 6 and 20 hours per month generation report. Of this group, those who devote between 6 and 10 hours on reports constitute the largest proportion at 15.5 percent.