Trust and personal relationships are viewed as the most valued assets financial advisers have, with 66 per cent of advisers ranking this as their most important offering to clients.
But 43 per cent of respondents said progress inefficiency was their biggest concern and was an inhibitor to maintaining client relationships.
The survey of 64 UK based advice firms was carried out by Alpha FMC and Adviser Home, a development platform for the financial advice industry.
It found that advisers (59 per cent) ranked the ability to alleviate financial stress and anxiety as their second most important attribute, ahead of the delivery of investment returns (33 per cent).
However, advisers were split on the benefits of technology.
A third (34 per cent) of respondents cited technology as an opportunity to grow and make their business more efficient, while 33 per cent said the impact of technology on their business is neutral and 31 per cent said technology is actively slowing their business down.
Regulation and process inefficiencies shared the top spot as a chief concern for financial advisers at 43 per cent each.
Despite the looming July deadline for implementation of the consumer duty, 5 per cent of respondents said they were not aware of the upcoming regulation, while 11 per cent said they thought no action is required on their behalf in response to it.
The vast majority - 92 per cent of respondents - said they have ‘no plans’ to change their charging structure in light on the forthcoming regulatory change.
Alpha FMC and Adviser Home said this highlights a “lack of understanding” of the reach of the regulation.
Alpha FMC’s head of retail distribution and advice practice, Bradley Northrop said the survey results indicate that many advisers are lagging behind when it comes to technology.
“They are keen to improve their offering and appeal to multi-generational clients but almost two thirds are behind the technology curve,” he said.
“It’s heartening that trust and personal relationships are still the most valued attributes in the financial advice industry. But they do require a significant investment of adviser time to build and maintain. This highlights the need for process efficiency and effective technology, areas that many adviser firms struggle with,” Northrop said.
Elsewhere, the survey results showed that over half of respondents said opportunities to increase their client books organically (53 per cent) and attract intergenerational wealth clients (52 per cent) are key drivers for growth.