Here's a great summary of how technology is being integrated into the modern financial advice business.
The jury is still out as to the degree to which 'financial advice' will be given online, but one thing is for sure, there's now a wealth of technology tools that can be used to bring a financial advice practice into the modern world. And there is certainly no shortage of money related apps available for consumers to interact with financial institutions. I just looked at my phone and I have fourteen!
The section on Social Media in this article is somewhat simplified. In our work with financial advice firms and according to our own research, the majority of financial advisers in the UK are not yet seeing decent ROI from their use of Social Media. This is a) in contrast to financial advisers in the US, who until recently were way behind UK advisers, b) because hardly any UK advisers have taken the trouble to create a Social Media strategy and c) because where financial advisers are using it, they are doing so mostly to network with their peers and others in the Financial Services industry.
Technology has created a digitalisation era whereby people demand simple, clear and easy to access information and they want the convenience of being able to respond to this information by whatever channel they choose. Retail might be leading the way but there’s no reason why financial services shouldn’t keep up.