Double-digit growth in smart mobile devices will continue and advisor apps are crucial to the success of North American wealth management firms in future, according to the Celent consultancy.

Clients expectations are changing. Many clients, including many high net worth clients, already own smart devices and use them on a daily basis, Celent’s report, North American SnAppshot: Advisors-An Overview of Mobile Apps, said.

In 2012, Celent estimates smartphone units will grow 35 per cent to 664 million units (versus 61 per cent growth and 492 million units in 2011 and 74 per cent growth and 302 million units in 2010). Tablets are also experiencing significant growth, the report said, estimating that 115 million tablets will be sold in 2012 (versus our estimate of 61 million units in 2011 and 17 million units in 2010).

“Celent's app research suggests only one firm in the Barron's Top 40 Wealth Managers for 2011, Fidelity, has an advisor app available today. Two more top 40 firms, Schwab and UBS, plan to launch their apps in 2012.We have added advisor apps from TD Ameritrade and Vanguard to the apps discussed in our report. Celent expects more advisor apps to be announced by leading firms in 2012,” the report said.

Among other highlights of the report, it said that more advisors want to use their personal mobile devices for work, so firms have developed Bring Your Own Device use policies.