Only 13% of financial advisers surveyed by NextWealth said they are planning on making technology changes in the next 12 months.

The three reasons advisers stated for not looking to change technology were the risk of something going wrong, alternatives not being compelling enough to take risks, and that they are too busy managing existing business to look at their technology options.

Satisfaction levels with existing technology also continued to fall, with 49% of advisers surveyed open to considering new systems due to dissatisfaction with existing technology they use.

NextWealth said this could be an indication that technology providers need to step up their game if they are not to see advisers shift their business elsewhere in the near future.

The two key areas that the advisers identified as potential drivers to make a change in the technology they use were an ability to capture information from clients on an on-going basis through interactive apps or other online systems, and better integrations with back-office systems.

Heather Hopkins, managing director at NextWealth, said that after the frenzy of technology change during the Coronavirus pandemic there appears to be a hiatus in financial advisers making technology changes.

She added that there could be a storm brewing for technology providers if they do not make changes in the near future.

She said: “We see integration – specifically the lack of it – come up in all our reports so any tech provider that really cracks this is going to be onto a winner. If they can also open easy-to-use tech channels that allow advisers to have a more dynamic, digitally-enhanced relationship with their clients, they will be pushing on open doors to new business.”

NextWealth surveyed 701 financial advisers, Financial Planners, Paraplanners and operations managers within financial advice firms via two surveys.

For the NextWealth Adviser Tech Stack Report the firm also used over 4,000 reviews posted by financial advisers and Paraplnners on the NextWealth directory.