This survey of adviser tech attitudes is worth a read. It highlights several key points:
- Technology spending is very low in most adviser businesses - that suggests low productivity growth for the next few years, as an awful lot of productivity gains come from employing technology these days, and it takes time to realise them.
- Technology spending is still more likely to be about hardware than software or services. That is also a worry, because it is in software and services that most productivity gains are to be found, including the gains from new hardware.
Work-arounds exist. Dealer groups can provide effective channels for delivery of large-scale IT services to the many small advice businesses that exist. Insurers and other larger companies in the wider sector value-chain can deliver services. Third-parties can provides software as a service to make a seemingly large purchase become a small regular payment.
Read the full survey at this link. Hat tip to Tony Vidler for highlighting this link.