Top 10 technologies used by advisers
October 15, 2015 10:21 AM
EBA's second annual technology survey
Brokerages of all sizes share what types of software they are most likely to use, how they are spending their technology dollars and what their goals are for technology investment in the coming year.
The most popular technology at small brokerages
Small brokerages, those with less than 100 employees, report using these forms of technology the most.
The most popular technology at large brokerages
Large brokerages, those with 100 or more employees, report using these forms of technology the most.
How much brokerages are spending on technology this year
There is a marked difference between large and small firms' 2015 technology spending. More than one-third of large firms are spending more than $1 million on technology this year, while three-quarters of small firms are spending less than $50,000.
The difference between 2014 and 2015 spending
Advisers report modest increases in technology spending over last year, with 41.6% of large firms increasing spending to some degree and 53.7% of small firms doing so. The most common answer for both groups, however, was no change in spending habits.
2016 spending plans
Similarly, most firms either do not plan to increase spending next year, or will increase their budget by 10% or less; specifically, 65.2% of small firms and 66.3% of large firms will do so.
Where small brokerages are spending their tech dollars
Small firms are most interested in spending more money on laptops, client management systems and websites.
Where small brokerages are least likely to spend their tech dollars
Small firms plan to spend less money on commission tracking, claims analysis and communication platforms.
Where large brokerages are spending their tech dollars
Large firms plan to spend the most money on servers, laptops and websites.
Where large brokerages are least likely to spend their tech dollars
Large firms will spend the least money on communication platforms, desktops and claims analysis.
Important goals in technology purchasing
Large and small firms equally put the most value in using technology to improve client experience and add value to client relationships. Also, both are least motivated by using technology to create a strategic differentiation between themselves and the competition.
