Boutiques and IFAs are the industry laggards when it comes to implementing digital strategies for their businesses, with a majority of advisers neglecting online marketing, new research from Midwinter suggests.
Released yesterday by digital advice firm Midwinter in partnership with Jenny Pearse of Jenesis Consulting, the Digital and Social Media Survey Report revealed that just 32.4 per cent of boutique and independent financial advisers have undertaken a digital strategy for their business.
This contrasted with 60 per cent of institutionally-aligned advisers and 66.7 per cent of licensees.
The report also revealed 92.6 per cent of advisers spent under five hours a week marketing their business online.
“We see this as a significant problem, as so much of the future of financial advice will be based on digital tools and technology,” the report said.
“Those who see little value in investing time in this will ultimately be left behind as their current and potential clients will be looking to be engaged digitally and will eventually go elsewhere in order to have this demand met.”
While 53.7 per cent of financial advisers answered 'yes' to having a social media policy in place, 67.5 per cent of those with a policy were actually employing the use of social media channels, meaning planners are looking for guidelines in terms of how to use social media for their businesses, the report said.
“The financial services industry has a reputation of lagging when it comes to the adoption of technology," the report said.
“It’s no secret that the world is increasingly moving online. As consumers continue to engage with products and services digitally, it is important to ensure advisers are meeting them in the ‘places’ they are more likely to be."
The survey found that advisers favoured Facebook and LinkedIn as the preferred social media platforms for engaging with clients.
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