Advisors want dealers with a digital edge

Survey reveals business efficiency and seamless client access as top tech priorities

Advisors want dealers with a digital edge

The COVID-19 pandemic has accelerated tech adoption among advisors – and dealers have to take notice.

In a new Investment Planning Counsel (IPC) study, which was conducted in partnership with Environics Research, financial advisors agreed on technology as the top priority when they look to their dealers for support.

When asked to evaluate the importance of different factors to their growth, 83% of advisors rated dealer-supplied technology as very or extremely important, with efficient operations and dealer platform following closely behind. Nearly the same percentage of advisors (79%) said providing clients with seamless access to services, supported by technology was either very or extremely important.

Reflecting the broad generational divergence in attitudes toward technology seen in other surveys, IPC found that millennial advisors were more likely than Boomer advisors to consider technology that supports their efficiency as highly important (92% of millennials vs. 71% of Boomer advisors).

But even though technology to enhance business efficiency was rated by advisors as the most important support area, just 43% of respondents said they were satisfied with the technology support they currently get. And among the roughly two thirds of advisors who see themselves switching dealers are some future point in time, technology was also a key attribute in evaluating prospective dealers to work with.

In line with those findings, IPC has announced a partnership with Conquest Planning, under which Conquest’s financial-planning software platform will be launched across IPC’s network. Following the rollout among IPC’s portfolio manager advisors on its discretionary wealth management platform earlier this year, Conquest’s software will be made available to the firm’s IIROC advisors this week, and then to its MFDA advisors this summer.

“Understanding what our advisors need has always been at the core of who we are, which is why our digital transformation journey continues to be of top importance to us," Reggie Alvares, executive vice president, Operations & Information Services at IPC, said in a statement. “We have always believed it is important to arm our advisors with the right technology to unlock time and operational efficiency. And we continue to sharpen our edge by bringing the right technology partners to the table.”

With the help of Conquest’s digital application, IPC’s advisors and clients can leverage artificial intelligence and real-time collaboration capabilities to navigate current challenges and build a stronger financial future. The platform’s cutting-edge analytical capabilities also allow IPC advisors to stress-test different scenarios, quickly adjusting plans and financial advice to reflect their clients’ evolving needs.

“By using Conquest, advisors can reduce the trial and error associated with traditional financial planning and spend less time entering data,” said Conquest Chief Revenue Officer Brad Joudrie. “This enables faster financial plan construction while delivering clients a seamless experience.”

Conquest has also forged partnerships to provide its capabilities to advisors at IG Wealth Management and Canada Life.


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