Advisers still have a long way to go to before they fully maximise all the opportunities technology offers.

One of the reasons for this is that the majority of financial advisers lack the skills to efficiently navigate the tech marketplace. Also, the tech they do use is significantly under-utilised.

In its Adviser Tech Stack report for March 2022, NextWealth suggested what consumers want and what advisers wish to provide are the same.

But, the consultancy warned, there are currently “huge disconnects” when it comes to achieving this objective.

Tech may hold the key to revolutionising how financial advisers operate, but lack of plug and play tech is hindering progress.

What is more, tech providers over-complicate the user experience. The report suggested they “promise nirvana”, but it takes too much time for advisers to adopt what is on offer, and many advisers lack tech literacy to navigate the systems effectively.

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