Latest News

  • Home /
  • Latest News

intelliflo - Why you shouldn’t discount technology for older clients

28 October 2021
For advice firms, using technology like client portals can offer many business benefits. Secure client communication and document sharing and storage, can reduce administration and cut the time and money spent on printing, posting and waiting for documents to be sent and returned. It can also provide clients with a central resource to access up-to-date information on their investments and the data you hold on them without the need for you to retrieve it for them.

But with many firms catering to the near or at-retirement markets, some advisers and planners remain unconvinced about what is in it for the people portals are designed for – the clients themselves. They worry that older clients are either not interested in engaging with their finances digitally or lack the skills to do so effectively. But does this view hold water? Or could it be holding businesses back from embracing a different way of engaging that benefits everyone?

What the data tells us

You might think millennials, a generation known for being glued to their smartphones, would be the most frequent users of client portals, but looking at intelliflo’s own data, this certainly isn’t the case. Based on 250,000 active clients on the intelliflo personal finance portal these age groups actually came out as the lowest in terms of activity. Clients in their 50s and 60s used the portal the most and were nearly twice as active as those in their 20s and 30s.

The increasing role technology is playing in the lives of older people is borne out by external data sources too. The pandemic and the consequent lockdowns and restrictions have meant we’ve all had to adapt to doing more things online. One of the early beneficiaries of this trend was Zoom. At the end of 2019, Zoom was mostly used for virtual business meetings and had about 10 million daily users1. This figure had jumped to 200 million by March 2020, and 350 million by December last year2. Data from Forbes says at the start of the pandemic many of those downloading the Zoom app were aged between 35 and 49, but 20% were aged 50-64 and 10% were 65 and over3.

Age UK has also looked at the impact the pandemic has had on internet use among people in England aged 52 and above. The charity analysed data from the English Longitudinal Study of Ageing carried out in June and July last year, based on over 7,000 responses. While it remains concerned about digital exclusion, particularly among those aged 75 and over, Age UK found that 45% of 52 to 64-year-olds reported using the internet more, as did 41% of 60 to 74-year-olds4.

Popular online activities were, as you might expect, email, online shopping, video and voice calls and social networking. But interestingly, around two-thirds of people (68%) aged 50-64 used the internet to manage their finances, with 59% of those aged 65-74 and 44% of people aged 75 and over also managing their finances online last year.

The perception and the reality

Talking to advice firms, we hear anecdotally that the switch to things like online meetings has been largely well-received by clients. Some clients have even told advisers they prefer this way of working. What is more, the appetite for engaging online is not coming from the age groups you might think. Looking at client portals specifically, we’ve heard from advisers that the clients who are most active in using the portal are in their 50s and 60s. It is in this age range where they see the most registrations and more frequent logins compared with younger clients.

Beyond the pandemic effect, perhaps there is something else at play here. Thanks to the work you do, clients who have been through the financial planning process understand its power. They are therefore more engaged with financial planning generally and, being closer to or at retirement, they have a more pressing interest in how the decisions they make now will affect their later life.

Of course, regardless of age, some clients will prefer to do things face-to-face, and that’s fine. But as the situation around Covid-19 remains fluid, it may well be the case that clients and advisers would prefer to continue working in an online or hybrid environment for the foreseeable future. If so, older clients may welcome the option of using a client portal to stay on top of their financial plan if they’re not doing so already. Given how they have adapted or increased their use of technology over the past 18 months or so, arguably it may be a way of working they’ve come to expect.



Sophisticated yet easy to use, intelliflo’s powerful technology is crafted to help you save time and cut costs, so you can focus on driving your business forward. Our range of cutting-edge solutions supports over 30,000 financial professionals worldwide. Discover how we can help you, your team, or your clients at intelliflo.com

Schedule a demo


1VentureBeat, Zoom’s daily participants jumped from 10 million to over 200 million in three months
2 Business of Apps, Zoom revenue and usage statistics
3 Forbes, What you need to know about using Zoom
4 Age UK, Digital inclusion and older people – how have things changed in a Covid-19 world?


 

29 November 2021

Just WIN, WIN, WIN... Thank you


26 November 2021

Blackfinch Energy acquires largest solar farm to date


26 November 2021

ESG at Invesco


26 November 2021

Prudential - International Portfolio Bond – helping your clients help the planet


16 November 2021

Octopus On Film - Diversity and inclusion


3 November 2021

What investors want: Our research on client perceptions of ESG investing


3 November 2021

Mitigo - Why cyber risk management is not the same as IT support


28 October 2021

intelliflo - Why you shouldn’t discount technology for older clients


28 October 2021

Prudential - The year of 2.5 budgets


25 October 2021

Invesco - Small steps to a better future


15 October 2021

Prudential - ISA Case study 1 – Managing volatility with cash


14 October 2021

Prudential On Film - ESG


12 October 2021

intelliflo - How technology will impact the future of paraplanning and advice


11 October 2021

Just: Winners of Just Group vulnerable customer awards announced


11 October 2021

Prudential: ESG Policy for the Risk Managed Passive and Risk Managed Active fund ranges


7 October 2021

Aegon - Thinking ahead: Social care funding and intergenerational advice


13 September 2021

Invesco - Investment Intelligence Seminars 2021 – register now


8 September 2021

Blackfinch Renewable European Income Trust September 2021


7 September 2021

intelliflo - Five benefits of a client portal


7 September 2021

Prudential - Our 'Future-proofing Fridays' seminars are coming to you virtually


6 September 2021

Prudential - New PruFund Support


26 August 2021

PruFund range of funds - EGR and UPR announcement


26 August 2021

intelliflo - The power of deep integrations


25 August 2021

PruFund Planet - Support for your ESG client conversations


23 August 2021

Prudential - PruFund Planet - How are the funds managed?


20 August 2021

Prudential - Download the app for automatic daily valuations through intelliflo


12 August 2021

Prudential - The Great Reset: Why it's time to invest for a sustainable recovery


11 August 2021

Prudential - Planning for education?


6 August 2021

Invesco - It's more about growth than inflation


6 August 2021

Prudential - Sir Isaac Newton’s first law of motion and ESG


3 August 2021

Prudential - PruFund Planet - The power to create the world your clients want


2 August 2021

Prudential - Our 'PruFund Planet - a world of good' seminar is coming to you virtually


21 July 2021

Just on Film - Vulnerable Clients


19 July 2021

Prudential - Pep up your ISA planning webinar


7 July 2021

intelliflo - Future-proofing your technology


2 July 2021

Prudential - Our 'Onshore... Offshore - you decide' seminar is coming to you virtually


1 July 2021

Prudential - New AKG financial strength report and due diligence support


24 June 2021

Prudential - A Spotlight on Asian Bonds


24 June 2021

Invesco - Emerging markets: Innovation unleashed


21 June 2021

intelliflo - Four ways technology can improve client engagement


16 June 2021

Have you looked at our Retirement Account recently?


9 June 2021

Prudential - The importance of sequencing of returns risk for clients taking an income from their pension


8 June 2021

Tax Efficient Review - Updated independent reviews now available


3 June 2021

Prudential - Could our Risk Managed 1 and 2 funds help in de-risking?


2 June 2021

Blackfinch: Adapt IHT portfolios - Q1 Trading Activity


2 June 2021

Prudential: Upcoming Webinars June


28 May 2021

Prudential - PruFund range of funds - EGR and UPA announcement


27 May 2021

Prudential - Intergenerational Planning


20 May 2021

Prudential - Do your clients dream of becoming millionaires?


17 May 2021

intelliflo - Using data to drive client engagement


17 May 2021

Invesco - My three rules of investing


17 May 2021

Prudential - Maximising ISA Allowances


14 May 2021

Prudential - Retirement Account & onshore bond bulk valuations added for intelliflo users


4 May 2021

Just - New awards for excellence in customer vulnerability. Enter now!


4 May 2021

Prudential - Are your clients ‘SKI’ing?


29 April 2021

Prudential - What do clients most want advice on, following Covid-19?


27 April 2021

Prudential - Our Future of Pensions Advice seminars are coming to you virtually


22 April 2021

Prudential - How comfortable are families with using the same adviser?


21 April 2021

intelliflo - One year on: advice industry powers on with more clients and greater efficiencies


16 April 2021

Prudential - The Defined Benefit Transfer Debate


15 April 2021

Prudential - A 5.5 trillion pound opportunity, worth exploring!


9 April 2021

Invesco - Bonds: shaken not stirred


7 April 2021

Welcome to intelliflo


7 April 2021

Prudential - What’s stopping clients transferring wealth?


1 April 2021

Prudential - NEW and exclusive intergenerational research


31 March 2021

Prudential - Submit ISA business right up to the tax year end


24 March 2021

Prudential - We’re removing the stress from ISA investments


18 March 2021

Prudential - Can our Retirement Account save you time?


17 March 2021

Blackfinch - Firms fit to thrive


10 March 2021

Prudential - What makes our Prudential ISA different from the rest?


10 March 2021

Just: Drawdown's secret weapon


5 March 2021

Invesco - Online training: Understanding ESG


5 March 2021

Prudential - Les' Budget Update


3 March 2021

PruFund range of funds - EGR and UPA announcement


3 March 2021

Prudential - Suport for your clients' pension planning


1 March 2021

Aegon - What the Spring Budget could mean for your clients


25 February 2021

Prudential - Cash is king! Or is it?


19 February 2021

Prudential - Planning for tax year end? Your pension planning questions answered


18 February 2021

Prudential - EGR and Budget webinars


17 February 2021

Prudential - 2021 and beyond – a diversified fund range of funds to help match client’s needs


12 February 2021

Prudential - Managing future risk - virtual seminars


1 February 2021

Mitigo - 6 cybersecurity resolutions for your firm


28 January 2021

Prudential - Introducing our new Investment Pathways


27 January 2021

Prudential - PruFolio Collectives Webinar


22 January 2021

Prudential - Managing future risk virtual seminars