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Friday, April 21, 2017

Advisors Hate Apps

Reported by Katy Golvala

Fundsters thinking about launching an app for advisors may want to reconsider and upgrade their website instead.

"Manager apps don't resonate," says Pat Newcomb, director of benchmark research at Fuse.

Some asset managers have been launching apps as a way to engage with advisors, but it's not sticking. According to the latest Marketing Support: The Advisor View survey, published by Fuse and WealthManagement.com, 45 percent of advisors indicated that they do not use a single investment manager's app.

An advisor isn't going to go through the trouble of downloading several apps, Newcomb explains. Instead, asset managers should focus on creating websites that are mobile-friendly. This way, advisors who are looking to engage with companies via mobile can still easily do so.

When asked which asset manager tech tool they find most useful, 65 percent of advisors indicated that they prefer a website. 14 percent prefer a mobile website and only 12 percent prefer an app above all other tools. These numbers have shifted slightly over the past two years. In 2015, the last time the survey was conducted, 68 percent of advisors preferred a website, 13 percent preferred mobile, and 9 percent preferred an app.

 

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