Advisors are generally satisfied with the digital and web support available from partners and product providers, but the most technologically savvy advisors find support services lacking. A report by Practical Perspectives found younger and more sophisticated advisors would like their providers to follow the lead of firms outside the financial services industry, who they say do a better job of providing technical support.
Over half of advisors said they make frequent use of digital support from financial industry-specific providers and partners, but over 30% (and independent advisors in particular) said they frequently use providers that are designed for retail investors — Best Buy’s Geek Squad support service, for example.
Most advisors agree that the web support they receive from firms in the financial services industry is as good as the support available from companies outside the industry, and 30% say it’s better. Younger and tech-savvy advisors said firms could do more to improve the usability and design of their web support. Advisors were most impressed with the security and content of providers’ support.
“Advisors find benefit in connecting to digital support from product providers and other sources to access up-to-date product information and research, perform client service, and use tools such as calculators or illustration software,” Howard Schneider, president of Practical Perspectives and author of the report, said in a statement.
Advisors said it takes too long to find the information or capabilities they’re looking for when they visit a provider’s website. Over half said they have to visit multiple websites to get support.
The report found web and digital support that focuses too much on advertising, or is difficult to use or log into, also turns off advisors looking for help.