Less than one in three financial advisers (29%) consider face-to-face meetings as essential for establishing new client relationships, research has found.
The study of advisers’ views on technology carried out by ValidPath also found 28% of meetings are now taking place remotely, while that 22% of clients live more than an hour away from their adviser.
VaildPath said this indicates technology is playing an increasingly powerful role in enabling advisers to deliver more flexible, efficient, and personalised advice.
The firm also found that 22% of advisers’ clients live more than an hour away. ValidPath said this means virtual meetings, digital onboarding, and secure online communication tools are “critical to maintaining strong client relationships and operating an IFA business”.
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Half (49%) of IFAs quizzed on the matter said technology is the most important factor behind “identifying, attracting and retaining clients”.
Angus MacNee, CEO of ValidPath, said: “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.”
“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.”
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