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Financial investors face consumer demand for better collaborative IT

Finance Jimmy Nicholls

Millenials expect more from financial advisors.

Financial investors are facing unprecedented demands to use IT collaboration tools from millenials, who want more say in how their money is invested.


A survey found that 89% of millenials thought that modern financial tools were an important factor in choosing a financial investor, whilst half of those looking to change how they manage their money wanted to collaborate more with their advisor.

It was also revealed that a third of millenials were making important investment decisions via email, whilst only 13% of baby boomers were doing the same.


Simon Mulcahy, SVP of financial services at the software vendor Salesforce, which commissioned the survey, said: "The modern financial advisor is under siege. It's not just millennials who are demanding digital, collaborative technology from advisors, but also Gen Xers and boomers.

"This new research shows that advisors who embrace modern modelling tools, websites with proactive investment advice and other new technologies stand a better chance of capturing today's affluent investors."

The research also discovered that younger generations had a colder relationship with their financial advisors than the baby boomers.


Only half of the millenials and generation X trusted their financial advisors to have their best interests at heart, compared to just under three-quarters of the baby boomers.

In addition a mere third of millenials said their financial advisor would recognise them when passing them on the street, whilst double the proportion of baby boomers said the same.


"The days of selling financial products are over - today's investing consumer demands better management of their financial life, and advisers must innovate to answer that call," said Mike Capelle, chief strategy officer at United Capital.

"As consumers rely on technology for most of their daily activities, the time is now for financial advisers to embrace it in all of their work with and for clients."


This article was sourced from the following URL http://www.cbronline.com/news/verticals/finance/financial-investors-face-consumer-demand-for-better-collaborative-it-4579505 


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Company Profile


    Pfirestorm is an affordable internet based service that organisations are able to offer their clients that will result in the cementing of existing relationships and/or the establishment of new relationships between the clients and the organisation.

    This service is CLIENT-CENTRED and simultaneously provides the organisation with a platform that addresses fundamental business matters such as strategy and wealth creation, operations and practice management, compliance issues, day to day matters, vast Marketing opportunities, leveraging IT in a unique way, staff incentives and measurements and impact directly and indirectly on your income flows from day one.

    The purpose for this service is to enable organisations and clients to be able to reach out to one another in an environment that is transparent, promotes shared responsibility and facilitates relationships providing mutual benefit for the client and the organisation.

    It is no longer a matter of who you know! It is who knows YOU!

    It is time!


Pfirestorm’s unique collaborative technology will enable our clients to deliver a branded and unified sustainable experience to their customers at all levels of their organisation, through programmed alignment of internal procedures and processes with their Customer Value Proposition.

Our clients will experience the power of a programmed behavioral system designed to sustain, facilitate and deliver to their clients, a distinctive Customer Value Proposition resulting in increased new and retained customers that can be measured in terms of higher production outcomes, reduced operating costs, focused employee and customer activities, customer services that exceed expectations, business continuity, and ultimately good corporate governance aligned to a dynamic regulatory environment.