‘Connected Convenience – The new digital engagement paradigm for financial advice clients’, 2015, the AFA, Zurich and the Beddoes Institute

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In financial advice, the importance of the adviser-client relationship is well documented, but the nature of those relationships is changing as consumer behavior continues to evolve. In this paper we examine the implications for the adviser-client relationship of the growth of mobile device use by advice clients.

It is widely known that digital information is accessed differently depending on the device/s being used; computers, tablets or smartphones. This white paper extends the “Connecting with Clients”1 research by exploring how financial advice clients use mobile devices such as tablets and smart phones to access information and the implications for how financial advice practices communicate with their clients via digital communication channels now and in the future.

Because the experience created by each device and how they are used is different, advisers creating content and delivering it with functionality that is specific to smartphones and tablets will maximise penetration and engagement with their clients and new groups of consumers.

Table of Contents

About the Authors 1
Executive Summary 2
Introduction 3
Mobile Platforms 4
How are Financial Advice Clients using Mobile Platforms? 4
What proportion of clients own smartphones and tablets? 4
What are clients using their mobile devices for, and how often? 5
Do clients prefer to use websites or apps to access information and services? 8
When it comes to apps, which ones do clients use most and least? 10
How do clients connect to businesses on mobile platforms? 13
What changes will clients make in how they use their devices? 17
Mobile Technology 19
How should Advisers Respond to their Clients Adoption of Mobile Technology? 19
Embrace your mobile readership 19
Tailor communications to the preferences of clients 19
How is an App Different from a Mobile-optimised Website? 19
Appendix 20
Methodology 20
Demographics 20
References 20