According to the ‘2019 EY (Ernst & Young) Global Wealth Management Research Report’, 41% clients have a preference for mobile applications when it comes to managing their wealth. Activities such as checking accounts, performing transactions and monitoring portfolios can be quickly done with the help of mobile apps.

Few years ago, EY, a renowned business and management consulting company, had projected that the number of investors choosing mobile apps for keeping a track on their finances would increase to 24% in 2018, from 18% in 2016. However, the actual preference is over double this number; 41% clients favour mobile apps. This growing trend is expected to rise further in the future.

In addition, the EY survey states that nearly two-thirds of clients prefer apps for executing transactions, while just over half prefer them for other basic tasks, such as monitoring and analyzing results and opening accounts. They are also starting to prefer apps for more advanced activities, such as portfolio rebalancing.

With clients gravitating toward mobile, the preference for websites has steadily declined since 2016, contrary to what clients had predicted. In 2016, 38% of clients preferred websites as a primary channel across wealth management activities. Less than 3 years later, websites as a primary channel have declined dramatically — by about a third.

Experts believe that mobile apps have become a useful channel for investors. It gives them the option of viewing their portfolio as per their convenience. Hence, this makes it essential for financial experts to use mobile apps as well for managing their clients’ wealth.

OFA Plus mobile app is the complete solution for every financial advisor. Available on both Android and iOS, it has the latest technology to aid IFAs monitor their business on the go. Tasks such as goal tracking, complex calculations, generating reports, mutual fund information etc. are performed in few seconds.

Moreover, there is a separate OFA Plus app developed exclusively for clients which helps them stay updated about their investments and connect with their advisors anytime, anywhere.