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.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.