“FaceTime advice” is predicted to boom this year according to Ken Davy, chairman of Simply Biz group – a firm which gives compliance and business support to directly authorised advisers in the financial services sector.
As reported in FT Adviser Ken Davy’s blog on the Simply Biz site, Davy believes that this technological advance will lead to happier clients.
Davy said the use of FaceTime was set to “explode” in the advice market.
“Clients are going to expect you, as their adviser, to be using the latest research and technology to keep them on the right track.”
The Simply Biz chairman added: “The tipping point has been reached; if people will readily chat to their grandchildren on FaceTime why would they not find it a good way to communicate with their financial adviser?”
“A “FaceTime appointment” is often as time-consuming and stressful as a face-to-face appointment. To do it properly, need special skills as does presenting a YouTube video or even television work.”
Speaking with clients over FaceTime will become as normal as communicating over the telephone, Davy said.
But will it? Or will it be more difficult for existing or potential clients to build up a “real” relationship or connection with their “virtual” financial adviser?
Philip Hanley, independent financial adviser (IFA) and director at Philip James Financial Services is not an advocate of “FaceTime advice.”
Hanley said on Twitter: “Call me old-fashioned but you can’t really ‘know’ someone via a screen; as many an internet dater will confirm when they finally meet what they thought was the person of their dreams.
Hanley adds: “A “FaceTime appointment” is often as time-consuming and stressful as a face-to-face appointment. To do it properly, need special skills as does presenting a YouTube video or even television work.”
Earlier this year software company Intelliflo found adviser firms which had embraced technology as a means to boost efficiency had increased their repeat business.
Overall, adopting new technology in any industry has its ups and downs. By adopting new technology, you can perhaps attract a younger audience and win new business, but on the downside “FaceTime” and other technologies might raise issues related to compliance, and complicate the advice arena further.