Technology is playing an increasingly powerful role in enabling independent financial advisers (IFAs) to deliver more flexible, efficient, and personalised advice, according to new research from ValidPath.
ValidPath surveyed a sample of IFAs and found that 22% of clients live more than an hour away from their adviser, meaning that virtual meetings, digital onboarding, and secure online communication tools are not just convenient, but critical to maintaining strong client relationships and operating a modern IFA business.
As a result of where clients are located and their communication preferences, 28% of meetings are now taking place remotely, with less than a third (29%) of IFAs sampled considering face-to-face meetings as essential for establishing new relationships.
The growing importance of a hybrid approach is underscored by nearly half (49%) of IFAs sampled viewing technology as vital to their business success, making it the most important factor behind ‘identifying, attracting and retaining clients’.
This shift, however, doesn’t signal the end of in-person advice; rather it reflects a growing awareness that technology can enhance and augment, not replace, human connection.
Angus MacNee, CEO of ValidPath, commented: “Client expectations, preferences and physical realities combined with new technology and communication channels are broadening the opportunities for providing advice. Increasingly, utilising a hybrid approach of face-to-face meetings and remote servicing is enabling IFAs to service more people, more cost effectively, with a better user experience.
“For example, for time-pressed clients, or those that prefer or cannot meet in person, digital options are invaluable. Virtual meetings, digital onboarding, and secure online communication tools are making it easier for advisers to stay connected without sacrificing the quality of their service offering or their long-term client relationships.
“A robust technology strategy cannot be aspirational, it needs to be implemented as a crucial enabler that allows advisers to focus on delivering meaningful, personalised advice while offering clients the flexibility they may need or increasingly expect.”
