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Financial Planning 2022 Tech Survey

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Wealth management is now a technology business. There’s a digital tool for every aspect of a financial advisor’s day-to-day life — from marketing and prospecting to onboarding new clients, creating a financial plan, allocating assets and managing portfolios. Some tasks are impossible without one, and that’s even before the COVID-19 pandemic forced the staunchest traditionalists to adopt new technology to work remotely. 

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Yet advisors still have a difficult time navigating the increasingly crowded marketplace. Few are confident they have made the right decision with technology, opening up an opportunity for providers to improve their offerings. 

The 2022 edition of Financial Planning’s annual technology survey explores these trends, the impact technology is having on the wealth management industry and how advisors are investing for the future. 

Key findings

  • 93% of financial advisors agree that technology plays a critical or very important role in their practices. 68% say their firm prioritized spending on technology over other business priorities in the last year. 
  • However, only 38% of advisors are confident that they are getting technology decisions right. There is still a big opportunity for providers to help wealth management firms build their digital suites.
  • Financial planning software, customer relationship management (CRM) and document management are the most widely adopted technologies across the industry. However, there is significant variation in tech adoption across market segments and firm size. 

Why read this report
This annual survey of financial advisors explores the technology trends shaping the wealth management industry. For advisors looking to make sure their firms are keeping pace with their peers, this report provides key insights into the perceived role of technology in future practices and a look at how other advisors are investing for the future.

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