In the independent research project, conducted by specialist research consultancy BDRC, 150 computer assisted telephone interviews were conducted with intermediaries responsible for writing new business. Results showed that 57 per cent of advisers used back-office software more than six times in a typical working day with usage most frequent within smaller firms, having less than five RIs.
When asked to rank the importance of different factors on ‘influencing the decision to purchase’ particular technology, advisers top three choices were: reliability (97 per cent); ease of updating (93 per cent) and ease of use (92 per cent). Furthermore, ‘access anywhere anytime’ was viewed as important by 66 per cent of advisers, rising to 78 per cent of those with multiple office sites, possibly an indication of advisers embracing the mobility offered by PDA and smart client technology.
Of those who work in organisations with more than one site, it was found that 86 per cent currently subscribe to a portal solution or trading platform; 67 per cent of firms with just one site also claimed subscription. Portal usage is most prevalent among larger firms.
The software and technology advisers used on a daily basis included Microsoft Office, product provider websites and research software solutions.
Rory Curran, executive chairman of 1st, said: “These results provide very encouraging news for the industry with adviser firms increasingly becoming aware of the important role technology plays in the business process. With the focus on making solutions which are reliable and easy to use, both product providers and technology suppliers should be pleased with the progressive uptake of usage. Much still needs to be done but we are definitely making significant progress in the right direction.”
Steve Morrow, head of Microsoft’s independent software supplier group, added: “We are extremely keen to understand more about the key drivers and influencers which affect a financial advisers' decision to invest in technology. From this research we have already understood more about the need for solutions to be simple and reliable but it is also interesting that greater education will be needed to demonstrate the benefits of more advanced solutions. We will be working with companies like 1st to ensure the advantages of these are explained to advisers in a way which will encourage and incentivise them - not scare them off with too much technical jargon.”
