Benchmarking Advisor Technology Platforms and Tools

Surveys of leading financial organizations and their advisors emphasize the growing importance of technology in attracting and retaining talented advisors.

In a new 30-page report, Benchmarking Advisor Technology Platforms and Tools, Celent Communications provides advisor-based organizations with insight into the current state of advisor technology and tools. The report is based on a survey of leading insurance and brokerage firms in the industry. Categories benchmarked include: Web presence, software applications, technical infrastructure, training, support, level of integration, value-added services, and future initiatives. In addition, a companion survey of advisors sheds light on their current satisfaction levels with various aspects of the technology platform and tools being offered.

“As the financial services industry moves from a product-centric to a customer-centric view of the world, the financial advisor has become key to building and maintaining relationships with clients. Financial institutions are focusing attention on their advisors as never before, ensuring their field forces have the technology and tools necessary to be effective in the marketplace,” says Pamela Brewster, Celent analyst and author of the report.

Celent estimates that spending on advisor technology platforms and tools will climb from US$300 million in 2002 to US$600 million by 2006 due to continued competitive pressures.

“Most of the technology enhancements for advisors has focused on web-based capabilities, such as advisor extranets and intranets, Web sites, and migration from PC- to Web-based software applications. However, the move towards providing robust advisor workstations to facilitate client-centric activities has yet to be fully achieved,” says Brewster.

A Table of Contents is available online.