How tech-savvy IFAs are stealing a march on peers

The emergence of smartphone apps and tablets has opened up a whole new world of possibility for some IFAs, writes Terry Huddart, technical communications manager at Nucleus

One of the most crucial aspects of our industry is having modern, forward-thinking IFAs; they have been pivotal in driving the industry forward and instrumental in shaping the RDR.

Recently, when we have thought about forward-looking IFAs, it is has tended to be in relation to pricing transparency and building sustainable business models based on recurring revenue.

But an emerging trend is how the IFA community is embracing technology and, in turn, making the industry more efficient.

Rise of the tablet

Just a few years ago, smartphone apps and tablet computer technology were foreign concepts to all except the biggest tech aficionados.

Now they have crept into everyday language and are proving invaluable, in a business sense.

The rise of tablet computers has put an end to the chained-to-the-desk era and has enabled advisers to enjoy more face-to-face time with clients.

The digital revolution has brought with it a whole new world that the savvy adviser can use to enhance their service.

Social media

Social media is another area the adviser community is increasingly adopting as a powerful way to engage with peers, providers and customers.

The stats are clear: Internet users have increased from 38.1 million in 2008 to 41.7 million in 2011, according to research.

Meanwhile, some 43% of people aged 55-74 in the UK use the internet frequently, compared to an EU average of 28%, according to Eurostat.

Within the realms of social media, there are five million current active users of Twitter and 26 million users of Facebook (a whopping 42% of the population).

The rise of social media, which can incorporate the likes of internet forums, weblogs, social blogs, microblogging and podcasts has brought about a whole new era of information sharing.

It enables users to interact with their peers in a way not seen before. From a provider’s point of view, it helps us to be completely transparent with our offering and get messages out quickly. 

Users can be kept completely up to date with the latest news, products and offerings and can contact others at the touch of a button.

Unstoppable

While social media and these other uses of technology are not perfect, they are concepts that the whole of the industry is starting to embrace. It is an unstoppable train.

The advisory community has been an early adopter in terms of welcoming this new innovation. And it has enhanced the client proposition.