Advisers and clients move towards digital fact-finds, study reveals

Three-quarters of financial advisers (75%) as well as 77% of clients prefer to use digital fact-finds over hard-copy versions, research from CashCalc has found.

The figures reflected increases of 51% and 15% respectively when compared to the same research conducted in 2019.  

The software developer said its findings, based on responses from 126 advisers and 200 clients, mark a significant shift in how financial advisers collect client information during the financial planning process.

CashCalc’s research also revealed the majority of financial advisers (85%) and clients (90%) found digital fact-finds to be an efficient and convenient way to gather client data. As a result, 86% of advisers and 83% of clients said digital fact-finds help to save time in the onboarding process. Both groups also thought digital fact-finds resulted in more accurate data.

“The results of the research we conducted in 2019 and 2020 demonstrates a positive shift towards the use of digital fact-finds, which is incredibly exciting,” commented CashCalc director, Ray Adams.

“Not only do digital fact-finds offer a host of benefits, such as their ability to collect client information remotely and their ability to be customised to a particular client, but they can be the key to help streamline the entire financial planning process.

“For example, if the client provides the necessary information via a digital fact-find, this information can then be instantly sent to your back-office system or your financial planning tools, or it can even automatically generate documents such as a Letter of Authority – and not once have you had to key in any information.”

CashCalc also reported a 50% increase between 2019 and 2020 in the number of digital fact-finds either being completed by clients, or pre-populated by financial advisers for clients to update.

“Digital fact-finds can be very powerful and it’s exciting to see financial advisers are starting to embrace such technology and enjoy the benefits,” Adams added.

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