5 questions about FP’s annual tech survey

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In a new episode of the Financial Planning Podcast, Tech Editor Ryan Neal explains the divergence between large and smaller practices with respect to their digital plans.

Neal is the author of FP’s recently published annual tech survey of financial advisors, entitled “The tech investment squeeze,” which tracked how practices are changing amid the coronavirus pandemic. A graduate of University of California at Santa Barbara and the Columbia University Graduate School of Journalism, Neal has covered wealth management for six years at FP and other news outlets.

In the podcast, FP Chief Correspondent Tobias Salinger asked Neal five questions about the findings of the latest FP tech study.

1. In this year’s survey of 351 financial advisors polled in May, 93% said technology plays either a critical or very important role in their practice. Why is it so important to their practices?

2. The survey found a substantial difference in the responses based on the size of the firms. 73% of advisors with at least $1 billion in AUM planned to increase their annual tech spend and 61% of advisors with between $100 million and $1 billion planned to increase their annual investment. But only 47% of advisors with less than $100 million plan to boost their yearly tech outlays. What are the key factors driving those differences among respondents?

3. What did the advisors say were the technology weaknesses most exposed by the pandemic?

4. What tech tools did they most frequently identify as driving change across wealth management?

5. What other findings from the survey stood out the most to you this year?

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