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Advisers and clients embrace digital fact-finds in 2020


CashCalc has released new research highlighting that three-quarters of advisers (75 per cent) and clients (77 per cent) prefer to use digital fact-finds over hard-copy versions, marking a significant shift in how financial advisers collect client information during the financial planning process. 

The research, which was conducted towards the end of 2020, found that 75 per cent of financial advisers and 77 per cent of clients preferred to use digital fact-finding tools as opposed to the more traditional hard-copy versions. This was an increase of 51 per cent and 15 per cent respectively when compared to the same research conducted in 2019.  
The research also indicated that the majority of financial advisers (85 per cent) and clients (90 per cent) found digital fact-finds to be an efficient and convenient way to gather client data. As a result, 86 per cent of financial advisers and 83 per cent of clients said digital fact-finds help to save time in the onboarding process. Both groups also thought digital fact-finds resulted in more accurate data.
This newfound information, when combined with usage, suggests financial advisers haven’t just adopted more technology during 2020, such as digital act-finds, but have started to embrace it. Between 2019 and 2020, CashCalc witnessed a 50 per cent increase in the number of digital fact-finds either being completed by clients or pre-populated by financial advisers for clients to update. 
Ray Adams, Director of CashCalc, says: “The results of the research we conducted in 2019 and 2020 demonstrates a positive shift towards the use of digital fact-finds, which is incredibly exciting. Not only do digital fact-finds offer a host of benefits, such as their ability to collect client information remotely and their ability to be customised to a particular client, but they can be the key to help streamline the entire financial planning process. For example, if the client provides the necessary information via a digital fact-find, this information can then be instantly sent to your back-office system or your financial planning tools, or it can even automatically generate documents such as a Letter of Authority – and not once have you had to key in any information. Digital fact-finds can be very powerful and it’s exciting to see financial advisers are starting to embrace such technology and enjoy the benefits.”

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