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eAdviser Index proves the transformative power of technology

16 June 2023
Our latest eAdviser Index confirms yet again that advice firms that fully embedded technology into the advice process outperform their peers. In fact, these tech-embracing advice firms achieved even greater business performance gains in 2022 compared to the previous year. It's a testament to the growing importance of technology in driving financial advisory success!

This year’s Index saw the highest technology adopters, our Champions, generating per adviser 54% more revenue and 76% more ongoing revenue, and managing 64% higher assets under advice and 39% more clients than the lowest adopters, our Explorers. This is a significant increase on last year’s figures, when per adviser Champions generated 44% more review and 59% more ongoing revenue and had 48% more assets under advice and 28% more clients than Explorers.

The benefits of embracing technology
At intelliflo, we’ve long believed in the power of technology to transform the success of financial advice firms. We launched the eAdviser Index in 2018 to examine in detail the interactions within intelliflo office, our cloud-based practice management software which currently supports 46%of the UK adviser market. We wanted to understand how the critical business metrics, such as client numbers, assets under advice, and revenue, of advice firms that harness technology compare with those of firms that don’t.

Five years on, the Index continues to prove that embedding technology into the advice process is increasingly important to a firm’s success. It provides clear evidence of the positive relationship between technology adoption and overall business performance, highlighting the growing performance gap between the most tech-savvy firms and the least. With Consumer Duty shining a spotlight on value, using technology to streamline processes and deliver a high-quality cost-effective service that supports better customer outcomes, leaving the adviser more time to focus on the client, is becoming an essential competitive advantage.

Crunching the numbers
The eAdviser Index is based on analysis of nearly four billion interactions with intelliflo office. We review this data to understand where each firm is on its specific adoption journey, examining how it uses the functionality within intelliflo office across six key areas: activity management, valuations, income, Document Designer, Personal Finance Portal and data quality. Once we identify which features a firm is using and how they use them, we give it a score out of 100 in each of the five areas: 0 means that adoption has not yet started and 100 indicates the technology is fully adopted and is being used effectively to a very high level.

Increase in revenue, recurring revenue, clients and assets under advice (AuA) per adviser achieved on average by Champions compared to Explorers
 
Year % increase in revenue per adviser,
compared to Explorers
% increase in recurring revenue per adviser, compared to Explorers % increase in clients per adviser, compared to Explorers % increase in AuA per adviser, compared to Explorers
2022 +54% +76% +39% +64%
2021 +44% +59% +28% +48%

Here to help
The case for embracing technology is clear: tech-embracing advice firms outperform their peers, displaying wider gaps in revenue, assets under advice, and clients per adviser.
At intelliflo, we want every firm to become an eAdviser Index Champion. Our customer team is here to support you in deploying the technology as effectively as possible to help your business succeed, leaving you more time to focus on delivering exceptional experiences to more clients.

We transform the advisory experience.
Your advice can be life-changing – our technology makes it possible. Book a demo.

[1] Platforum, December 2022, UK Financial Advisers: Planning Technology and Systems

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