Mobile technologies continue to gain traction in the financial services space, but while advisors see their value many are not yet convinced enough to invest, a new study by Avelo reveals.

The firm found that 32 per cent of advisors think mobile solutions in financial services have taken off and will continue to grow “hugely” in the coming months as smartphone and tablets increasingly facilitate product delivery. However, 28 per cent of those surveyed felt that mobile technologies will become an established method of sharing information, but only that.

The advisors polled saw several benefits for advisors using mobile technologies. In first place as the biggest benefit identified was the ability to access client information on the go, with 44 per cent of the votes. Meanwhile, 34 per cent said such technologies allowed for greater efficiencies and 21 per cent said they encouraged greater engagement across their client base.

But despite the fact that they see clear benefits, over half of those surveyed (52 per cent) are not planning to develop mobile capabilities. More positively, 22 per cent have plans to develop these technologies although they haven’t done so yet.

“Our research highlights that many advisors are at a crossroads when it comes to mobile technology. Mobile products will not be suitable for all customers but, as a business, many advisors see ‘on the go’ applications as giving them the edge by offering tools to share information with customers, in real time. The question for many has to be whether they can continue to offer high-quality advice to their customers via mobile solutions, and whether the business benefit justifies the investment needed to get things off the ground,” said Paul Yates, strategy and product development director at Avelo.

“We expect mobile solutions to continue to rise in popularity as tablet and smartphone adoption increases but we do not believe it replaces the need for face time with an advisor. Access to tailored advice will always be crucial to make the investment and retirement planning decisions, and it remains to be seen how much of this can be done at the touch of a button.”