According to the recent report "Mobile Apps for Financial Advisors and Wealth Managers" by Swiss research company MyPrivateBanking Research, mobile solutions for financial advisors to support client interaction and the advisory processes is all set to become the most rewarding development in the wealth management sector.
Commenting on the findings, Francis Groves, senior analyst at MyPrivateBanking, said: "Existing mobile solutions for financial advisors show the potential for greatly improving the interaction between advisor and client by supplying real-time information, multi-media content and new ways of communication."
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The report also highlights the fact that all the advisor mobile solutions analysed and demonstrated different aspects of good practice in solution design and four of the solutions were not only well designed but had particular strengths in certain areas.
All the analysed solutions were found to have unique strengths and features, though none were found to have realised the full potential of mobile apps.
The major shortcomings found in the mobile solution offerings for financial advisors were the scope for developing their relevance in client meetings, the solutions lacking in meeting dynamics, and limited report publishing and client contacting functions.
The research also states that advisor mobile solutions have to bridge the needs of two different categories of users – the advisor or other representatives of the wealth management firms and their clients.
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By GlobalDataGroves added: "Mobile solutions for financial advisors need to enable not just single interactions but to help to sustain relationships that can last for many years. They must normally be capable of a large number of different functions but they also have to perform in a way that doesn’t interfere with advisor being able to establish the all-important sense of connection with the client."
