What Roles Do Apps Play in Financial Advice?

What Roles Do Apps Play in Financial Advice?

In an increasingly mobile era, tracking our financial transactions is becoming increasingly dependent on technology and less time is spent reconciling bank statements and reading reports.

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Since January 2018 open banking has been available, and mobile and web apps allow us to plug in to account data in a secure and standardised way.

The impact of technology is also beginning to affect how we communicate with our independent financial advisors (IFAs).

The New Generation

Having a face-to-face meeting with your advisor at the outset of the relationship is essential, and regular meetings are a good idea. Once the relationship is in place, however, much of the information can be shared using the new generation of apps.

When seeking an independent financial advisor Wroughton, Bristol, Leeds or Edinburgh may be his or her base, and they may be found at sites such as https://chilvester.co.uk/, but most IFAs will have access to the technology which means you can be in contact with them 24/7 and access information on your financial plan.

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Location is becoming less relevant each day as we carry out online transactions for goods, and services are rapidly catching up, including financial advice. As the advantage of being a local provider of services fades, IFAs are becoming boundary-free in a very competitive market.


As new apps come on to the market, advice is becoming more interactive and participatory, giving individuals greater control of a seamless service.

In this new electronic landscape, it is not only about the service but also how the IFA delivers it to the client, including reporting.

Just as streaming is changing the way we watch our entertainment, the introduction of financial apps is altering the way we communicate with service providers, and IFAs are not immune to these changes.

Some firms may be stuck in their ways, but meetings in conference rooms or local offices are not necessarily what consumers want today. Without embracing the new technology, IFAs run the risk of going the same way of the local video store.

No two firms operate in the same way, and app providers recognise this, aggressively creating open-architecture structures designed to suit the advisor and the client.

In this fast-changing world, convenience and accessibility will take the place of cosy meetings as clients insist on instant access and decisions


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