Digital and Web Support to Financial Advisors - 2017

Virtually all advisors engage with websites and digital capabilities available from product providers and distributors. Digital support provides access to timely and accessible information, tools, and service that allow advisors to be more effective. The challenge facing asset managers, insurance companies, platform providers, and other service firms is to create and deliver digital capabilities that meet the rising expectations and requirements of advisors for usability and functionality while keeping pace with best-in-class sources. 

Practical Perspectives, a leading consulting and research firm, examines how advisors engage with websites and digital capabilities from key sources such as product providers and distributors. This new 89-page report builds on prior research to evaluate the activities advisors perform using digital support, the characteristics that define the most useful and least useful support, and the changes advisors desire to increase the value they derive from provider web-based assistance. The report also examines advisor use of social media and how advisors integrate social media into their practices. The report is based on proprietary research completed in May 2017 with over 575 advisors including those affiliated with RIAs, independent brokers, and wirehouse, national, and regional firms.

​Key Topic Areas
Advisors Engagement with Digital and Web Support

• What key sources do advisors rely on most for web and digital support?
• What activities do advisors perform through web-based and digital support from product providers?
• How has advisor use of web and digital support changed in the past 12 months?
• How do actions advisors take through computers and desktop access compare to actions performed through mobile devices?
• Which specific product providers do advisors consider best-in-class for digital and web support?
• What factors or tactics drive advisors to use product provider websites and digital support?

Enhancing Digital and Web Support for Advisors

• How satisfied are advisors with websites and digital support from product providers?
• What are the characteristics of websites and digital support that advisors consider most useful and less useful?
• What are the key barriers to advisors engaging with product provider websites and digital support?
• What changes do advisors desire to improve the usefulness of product provider web and digital support?
• How do websites and digital support from product providers compare to best-in-class capabilities from outside the industry?

Advisors Use of Social Media

• To what extent are advisors using social media for business purposes and how satisfied are they with results achieved?
• Which social media platforms do advisors rely on most often?
• What are the key benefits to advisors of using social media?
• What actions do advisors take most often using social media?
• How do more technologically sophisticated advisors differ in their use of digital support and social media compared to other advisors?

 
To Order the Report
The study is available in PDF format for the subscription price of $4,950. To order the complete 89- page, 55 exhibit report or for more information, please contact:
Howard Schneider, 978-590-7290 or email howard.schneider@practicalperspectives.com

Introduction and Methodology
Asset management firms, insurance companies, broker-dealers, custodians, and other service firms have invested heavily in the delivery of web-based and digital support to financial advisors. Product providers and distributors offers advisors deep content and a broad range of capabilities in digital formats. Support continues to grow as firms expand digitally accessible tools and content and as they integrate new formats such as mobile applications and social media. Our goal in this new report is to offer a fresh data driven view that examines product provider digital and web support from the singular perspective of financial advisors and their needs, behaviors, and experiences. This in-depth report combines distinct research insights with practical, consulting oriented analysis. It builds on prior research conducted annually since 2014, allowing us to offer perspective on advisors’ current attitudes and behaviors as well as insights on how their needs and experiences have evolved. The report is written to provide relevant and actionable information for key constituents including asset managers, annuity providers, broker-dealers, distribution platforms, and other firms interested in crafting and delivering more effective digital and web support for advisors.
 
“Digital and Web Support to Financial Advisors – 2017” examines the product provider and distributor websites and digital support that advisors rely on and the content and functionality they desire. The analysis looks in detail at specific capabilities used by advisors, including the sources of web and digital support they typically turn to, the specific actions they are most likely to perform, the characteristics that define the most useful provider support, and changes to improve the impact of the digital experience. The study also examines how advisors are leveraging social media and the challenges and opportunities associated with integrating these platforms into advisors’ business processes. The report breaks out data and findings for the entire sample and for key advisor channels – Full Service, Independent, and RIA.
 
Among the key questions addressed in this report are:
 

• Which sources of web and digital support do advisors use most frequently?
• ·How do advisors typically access product provider digital support and how is this changing given mobile device
  
• What functions do advisors perform through product provider digital and web support?
• ·Which activities do advisors perform when accessing websites through mobile devices rather than via computers or desktop terminals?
  
• Which factors distinguish digital support and websites advisors find most and least useful?
• ·What are the key barriers or challenges for advisors in using digital capabilities from product providers?
•  What changes can increase the likelihood advisors will benefit from the digital and web support product providers offer?
• ·What factors drive advisors to specific digital capabilities they use most often?
• Which specific providers offer digital support and websites that advisors perceive as best-in-class?
• ·How have advisors use of digital support changed in the past year and what key trends emerge over time?
• ·How engaged are advisors in using social media and how satisfied are they with results achieved?
• ·What are the key benefits to advisors of using social media for business purposes?
• ·What are the barriers that prevent advisors from becoming more engaged with social media?
• ·Which social media platforms do advisors use most often?

 
This report is based on input from a randomly selected cross-section of advisors across key channels. In April/May 2017, advisors were asked to participate in a proprietary online survey regarding product provider websites and digital support. More than 575 advisors provided responses that form the basis for this report. Advisors did not receive any compensation for participation in the survey.
 
Table of Contents
Section I: Executive Summary
Section II: Introduction and Methodology
Section III: Advisors Engagement with Digital and Web Support from Product Providers
A. To what extent do advisors rely on product providers for digital and web support?
B. What means do advisors use to access digital and web support from product providers?
C. How much time do advisors spend on digital and web support from product providers?
D. To what extent do advisors focus their use of digital and web support on key product providers? 
E. To what extent do advisors rely on digital and web support from product providers that is restricted or specifically designed for advisors?
F. What activities do advisors perform through digital and web support available from product providers?
G. How do activities advisors perform through computer or desktop access compare to those actions performed using mobile devices?
H. What factors or communications tactics drive advisors to use product provider digital and web support?
I. How has advisor use of digital and web support from product providers changed in the past 12 months?
J. Which specific product providers do advisors consider best-in-class for digital and web support? 
Section IV: Enhancing Digital and Web Support for Advisors
A. How satisfied are advisors with digital and web support from product providers?
B. How does digital and web support from product providers compare to best-in-class sources outside the financial services industry?
C. What key barriers or challenges do advisors encounter in using digital and web support from product providers?
D. What are the characteristics of digital and web support from product providers that advisors find most useful?
E. What are the characteristics of digital and web support from product providers that advisors find less useful?
F. What changes do advisors desire to improve the usefulness of product provider digital and web support?
G. In advisors own words, what is the most important change product providers can make to improve the usefulness of digital and web support?
Section V: Advisors Using Social Media
A. To what extent are advisors engaged with social media for business purposes?
B. Which social media platforms do advisors use most often for business purposes?
C. How often do advisors use social media for business purposes?
D. What specific actions do advisors take most often in using social media for business purposes?  
E. How satisfied are advisors with the results from using social media?
F. What do advisors perceive as the key benefits of using social media for business purposes?
G. What are the key challenges for advisors in getting greater benefit from using social media for business purposes?
Section VI: Profile of Survey Respondents
Section VII: Implications and Outlook

List of Exhibits
Exhibit 1: Frequency of Engagement with Key Sources of Digital and Web Support
Exhibit 2: Advisor Use of Digital and Web Support from Key Sources by Channel
Exhibit 3: Frequent Use of Digital and Web Support from Key Sources by Channel
Exhibit 4: Frequency of Use of Different Means to Access Digital and Web Support
Exhibit 5: Use of Different Means to Access Digital and Web Support by Channel
Exhibit 6: Daily Use of Different Means to Access Digital and Web Support by Channel
Exhibit 7:  Primary Way Advisors Access Digital and Web Support
Exhibit 8: Primary Way Advisors Access Digital and Web Support by Channel
Exhibit 9: Time Spent Each Week Using Digital and Web Support from Product Providers
Exhibit 10: Time Spent Each Week Using Digital and Web Support from Product Providers by Channel
Exhibit 11: Extent Advisors Use Digital and Web Support from Key Product Providers
Exhibit 12: Extent Advisors Use Digital and Web Support from Key Product Providers by Channel
Exhibit 13: Use of Product Provider Websites and Digital Support Designed for Advisors
Exhibit 14: Frequent Use of Product Provider Websites and Digital Support Designed for Advisors by Channel         
Exhibit 15: Activities Advisors Perform Through Product Provider Digital and Web Support
Exhibit 16: Activities Advisors Perform Through Product Provider Digital and Web Support by Channel
Exhibit 17: Activities Advisors Performed in Past 90 Days Through Product Provider Digital and Web Support Using Computers
Exhibit 18: Activities Advisors Performed in Past 90 Days Through Product Provider Digital and Web Support Using Mobile Devices
Exhibit 19: Activities Advisors Performed in Past 90 Days Through Product Provider Digital and Web Support Using Computers by Channel
Exhibit 20: Activities Advisors Performed in Past 90 Days Through Product Provider Digital and Web Support Using Mobile Devices by Channel
Exhibit 21: Communications Factors or Tactics Driving Advisor Use of Product Provider Digital and Web Support
Exhibit 22: Communications Factors or Tactics Driving Advisor Use of Product Provider Digital and Web Support by Channel
Exhibit 23: Change in Advisor Engagement with Product Provider Digital and Web Support in Past 12 Months
Exhibit 24: Change in Advisor Engagement with Product Provider Digital and Web Support in Past 12 Months by Channel
Exhibit 25: Providers with Websites and Digital Support Advisors Rate Best-in-Class
Exhibit 26: Providers with Websites and Digital Support Advisors Rate Best-in-Class by Channel
Exhibit 27: Overall Satisfaction with Provider Digital Support and Websites
Exhibit 28: Overall Satisfaction with Provider Digital Support and Websites by Channel
Exhibit 29: How Product Providers Digital and Web Support Compares to Best-in-Class Sources
Exhibit 30: How Product Providers Digital and Web Support Compares to Best-in-Class Sources by Channel
Exhibit 31: Challenges to Using Product Provider Digital Support and Websites
Exhibit 32: Challenges to Using Product Provider Digital Support and Websites by Channel
Exhibit 33: Characteristics of Most Useful Product Provider Digital and Web Support
Exhibit 34: Characteristics of Most Useful Product Provider Digital and Web Support by Channel
Exhibit 35: Characteristics of Less Useful Product Provider Digital and Web Support
Exhibit 36: Characteristics of Less Useful Product Provider Digital and Web Support by Channel
Exhibit 37: Enhancements Desired to Increase the Usefulness of Product Provider Digital and Web Support  
Exhibit 38: Enhancements Desired to Increase the Usefulness of Product Provider Digital and Web Support by Channel
Exhibit 39: Extent of Use of Social Media for Business Purposes
Exhibit 40: Extent of Use of Social Media for Business Purposes by Channel
Exhibit 41: Awareness, Consideration, and Use of Leading Social Media Platforms
Exhibit 42: Use of Leading Social Media Platforms – Full Service Advisors
Exhibit 43: Use of Leading Social Media Platforms – Independent Advisors
Exhibit 44: Use of Leading Social Media Platforms – RIAs
Exhibit 45: Frequency of Use of Social Media for Business Purposes
Exhibit 46: Frequency of Use of Social Media for Business Purposes by Channel
Exhibit 47: Specific Actions Taken in Using Social Media for Business Purposes
Exhibit 48: Specific Actions Taken in Using Social Media for Business Purposes by Channel
Exhibit 49: Advisor Satisfaction with Results Achieved from using Social Media
Exhibit 50: Advisor Satisfaction with Results Achieved from using Social Media by Channel
Exhibit 51: Key Benefits of Using Social Media for Business Purposes
Exhibit 52: Key Benefits of Using Social Media for Business Purposes by Channel
Exhibit 53: Key Challenges in Using Social Media for Business Purposes
Exhibit 54: Key Challenges in Using Social Media for Business Purposes by Channel
Exhibit 55: Profile of Respondents by Key Characteristics