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Facetime advice predicted to boom in 2020

Facetime advice predicted to boom in 2020

Embracing technology such as Facetime next year will lead to happier clients and increased success for advisers, Ken Davy has predicted. 

Few industries remain untouched by the advance of technology and its potential to open commercial doors for advisers has been a topic of much debate in recent years.

Mr Davy, the chairman of The SimplyBiz Group, said the use of Facetime was set to "explode" in the advice market.

He said: "What will become ever more necessary will be the need to stay ahead of the game from a technology perspective.

"Again, this was an emerging trend in the 2019 but its importance will accelerate further over the next 12 months.

"Indeed, clients are going to expect you, as their adviser, to be using the latest research and technology to keep them on the right track." 

The SimplyBiz boss added: "The tipping point has been reached; if people will readily chat to their grandchildren on Facetime why would they not find it a good way to communicate with their financial adviser?"

Speaking with clients over Facetime will become as normal as communicating over the telephone, Mr Davy said. 

The advice industry globally has shown resistance to diverging from face-to-face client meetings, a reluctance which was also found to be true of video calls, in research collected by US-based Hartford Funds last year. 

In a survey of 116 financial advisers in the US 73 per cent cited face-to-face as their favoured method of communication with clients, while only 12 per cent of advisers found video options, such as Skype and Facetime, useful.

But Mr Davy said: "Obviously, it will not replace those important early meetings where relationships are built for a lifetime.

"For general reviews and other conversations, however, video calls will prove ideal and the time saved for you and your clients will be invaluable.

"The result will be happier clients, whilst you will be able to use the time saved to serve more clients and increase your own success."

Earlier this year a white paper published by software company Intelliflo found adviser firms which had embraced technology as a means to boost efficiency had increased their repeat business by a third. 

rachel.mortimer@ft.com 

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