© 2020 ijrar september 2020, volume 7, issue 3 study on...

© 2020 IJRAR September 2020, Volume 7, Issue 3 www.ijrar.org (E-ISSN 2348-1269, P- ISSN 2349-5138)

IJRAR19S1611 International Journal of Research and Analytical Reviews (IJRAR) www.ijrar.org 911

STUDY ON ROLE OF DIGITAL PLATFORM’s IN

ELEVATING THE BUSINESS OF IFA’s (Individual

Financial Advisor’s)

Anand Bharti

BIMHRD

SRI BALAJI UNIVERSITY, PUNE.

RESEARCH ABSTRACT

The Main Aim of the study was to Identify the Role of Digital Platforms in Elevating the Business of Individual Financial

Advisors (IFA’s). The Participants in the study were various Individual Financial Advisors who are using these Digital

Platforms. The target was to Collect data from around 150 (IFA’s) and study their viewpoint, Impact of Digital

Platforms, Conversion Rate of Clients After Providing Services through Various Digital Platforms. Better service

delivery, client retention, Increase in Revenue after providing services through Digital platforms. In the study various

Research papers, Articles published by well knows Publishers were taken into consideration for the secondary data. By

analyzing the secondary data there was enough evidence gathered on Impact of Digital platforms and Client’s

Conversion rate. Which summed up that Digital platforms does play and Important role in Elevating the Business of

IFA’s. For the collection of Primary data, A questionnaire was prepared focusing IFA’s to understand the impact of

Digital Platforms in their business. Various Digital platforms were identified by which IFA’s can provide their services

such as ET Money App, Trade Mobi and Etc.

Key Words- Digital, Platforms, Clients Conversion Rate, IFA’s. Better service Delivery, Increase in Revenue.

INTRODUCTION

Individual Financial Advisor’s also known as Independent Financial Advisor, In other countries as Financial Planners,

RIA- Registered Investment Advisor’s. In the recent Year or say form the beginning of the 20 th century the digital

disruption in the Financial Sector took place. As they say change is Inevitable, The Financial Advising sector also

experienced this change. As the topic is to study the role of Digital Platforms in elevating the Business of IFA’s . one

will commonly understand this how social platforms are adding on to the business of IFA’s no doubt the Digital

phenomenon take Social platforms also in its consideration but the study here is far more in depth and wider in its

horizon, Social platforms, Search Engine and many others part of the Digital Evolution does play and important role in

elevating the business of IFA’s. In today’s times it is hard to imagine, A business which is not listed on Google or

doesn’t have a Facebook page, being on this platforms brings greater customer reach for sure, but in the study when we

are discussing the Digital Platforms for IFA’s we are talking about a much more sophisticated system which helps an

IFA to provide end to end service through this kind of platforms. Large Business firms which are in the business of

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Wealth Management already has that kind of Infrastructure where they already provide services through various Digital

platforms available to them.

In order to keep up with the competition it is essential for the IFA’s to go for this kind of Digital Platforms, For Individual

Financial Advisors the major Chunk of the business comes from the Emerging HNI(High Net Worth Individuals) Sector,

not only this sector is digitally active but also finds Digital Platforms easy to use and handy. One of the main aspects of

wealth is you need access to it every moment of time, Digital Platforms provide this Mobility, Adaptability and bring in

many more features for this kind of customers. This the major reason why many IFA’s are now moving towards this

kind of Platform’s which gives them End to End Solution. Platforms Such as ET Money, And ANAND RATHI Trade

Mobi in India, gives Individual Financial Advisors the Digital Platforms where they can serve their client in a much

more effective and efficient way. These Digital platforms not only gives IFA’s a much better system to handle their

client but also provide them the Algorithm based Financial Portfolio Which are generated by them. Digital Platforms

reduces the Paper work, Time spent in making and Studying various Investment Proposals, the Digital platform does all

this with a single touch or a simple click, which gives time to IFA’s to increase their business, gives them the opportunity

to interact more with the Prospect customer. The more the interaction is the higher are the chances of converting a client.

However, there are some draw backs also, Adaptability towards these Digital platforms is still in question with India’s

Market context, also Security of these Platforms are also a big question, IFA’s are into middle of this on one hand they

need it to Increase their business horizon and on the other hand they need to be very cautious with the drawbacks that

comes with this kind of platforms.

LITERATURE REVIEW

According to (Grace, 2019) in his research paper, Next-gen Financial Advice: digital Innovation and Canada's

policymakers, concept of Digital Financial Advising was discussed in brief, Digital Advice provides a stronger

opportunity for a stronger client impact. In the Future it will see human advisor complemented by Digital collaboration

through technology that is not disruptive but generally proven, likely economical and widely available.

According to (Stella, 2019) in their Research paper Digital Finance and its impact on Financial Inclusion. Found that

Digital Finance plays a vital role in the day to day activities of the people. In their study they found out that Digital

Platforms are much more convenient and Usable. There were some limitations also with these Digital Platforms such as

Adaptability towards Digital Platforms and Security were among the major concern.

According to (Diederick Van Theil, 2017) in their Research paper published by Economics World, Studied the aspects

of customer experience of Digital Driven Financial Advice system, and identified the various aspects that Financial

Advisors can improve in order to give their services in a much more effective manner, multiple competition to Financial

Advisor’s who are using Digital Platforms were also Discussed Such as Introduction to Robo-Advisor’s.

According to (Crlos Lassala, 2016) in their Research paper Alternative Paths to High Performance of Independent

Financial Advisors: A Fuzzy-set Analysis. studied and Identified that Involvement in Innovation activities is the most

relevant factor in Financial Advisor performance, Individual Financial Advisor may achieve higher sales thanks to

engaging in Innovation activities.

According to (Chaston, 2011) in his Research Independent Financial Advisor: open Innovation and Business

performance studied the behavior of Independent Financial Advisor (IFA’s) in terms of their involvement in network

and open Innovation. In which it was discovered that IFA’s involvement in network and open innovation can assist

business performance.




According to (BNP PARIBAS CARDIF, 2018) in a report on 11th annual Market survey of independent Financial

Advisors (IFA’s) and their clients conducted by KANTAR TNS. Identified some important Factors related to

Individual Financial Advisors. 90% of independent financial advisor already make extensive use of digital solutions.

Digital transformation is among the top three priorities for IFA’s. 74% of the independent financial advisor finds that

their client are increasingly better informed due to inclusion of digital channels. The major gap that was identified in the

survey was 85% of IFA’s says that they are comfortable with the Digital Tool, compared with just 69% of their clients.

According to (Belbey, 2017) in Article published by FORBES, highlighted the point of study in her Article named

Financial Advisors: 15 tips to use social media (compliantly) in which use of Social And Digital Platforms were

discussed in which how use of this Social And Digital Tools helps a financial advisor build his business and how its

helps in doing business in a much more simpler manner were highlighted.

According to (Obrien, 2019) in a very Article published by CNBC, article identifies some key points associated with

Individual Financial Advisors, on the premises of Financial Technology survey (2019). Advisors says that software

programs help encourage clients to be more active Participants in their planning. Digital platforms reduce the number

of your time that advisor spends in calculation in order that they can concentrate on strengthening client relationship.

According to (Cisco, 2017) in their Article, Financial Services Digital Transformation Group discussed the Purpose

“Wealth client expectations are changing They question the fees they pay money for financial advice. They expect to be

presented with financial solutions supported their own life goals and events, and that they are less fascinated by being

sold transactions or products. And that they wonder why they don’t get the identical customer experience from their

financial advisor that they get from retail, entertainment, airline, and other industries – including mobile apps and digital

services that folks use in their daily lives”

which highlights further on what Financial Advisors should do to enhance their services, and the way how Digital

Platforms can help them roll in the hay.

According to (Kerr, 2014) in his article, Financial Advisors improve Client Retention and Increase AUM with

Digital and social tools, in which he took reference of a report published by Accenture on Reimagining wealth

Management for the Digital Age. The findings suggested that over a half of Financial Advisors have Found and/or

converted clients via Digital Channels. More than 75% of financial advisors have improved client retention via

Digital/social tools. 74% of Financial Advisors have increased asset under management (AUM)via Digital/social tools.

RESEARCH GAP –

After a thoroughly reviewing the Literature, it was identified that NO study Focusing IFA’s has been done yet in context

of Digital Platform and its impact on their Business. Addressing issues such as increase in revenue in terms of

commission after providing services through Digital platform’s and Better services delivery to clients via Digital

Platforms.

RESEARCH PROBLEM

What are the viewpoints of Individual Financial Advisor’s towards the Digital Platforms available to them, and its impact

on their Business? Understanding the view point of IFA’s is very crucial this question will not only address the problem

but also give insight about the topic in details.




OBJECTIVES –

1.To understand the role of Digital Platforms in elevating the IFA’s Business.

2.To Learn about various Digital Platforms available for Financial advising on Individual level.

HYPOTHESIS – 1

Null Hypothesis- There is no significant impact in the business of Individual Financial Advisors with Inclusion of

Digital Platforms.

Alternate Hypothesis- There is a significant impact in the business of Individual Financial Advisors with Inclusion

of Digital Platforms.

HYPOTHESIS – 2

Null Hypothesis-There is no Significant impact on Ease of Doing Business with inclusion of Digital Platforms.

Alternate Hypothesis- There is a Significant impact on Ease of Doing Business with inclusion of Digital Platforms.

RESEARCH METHODOLOGY: -

A Primary data was collected, a structured questionnaire was sent for data collection to various IFA’s (633 mail, what’s

App message’s, were forwarded out of which 152 respondents filled the questionnaire). The data was collected on

questionnaire survey method. The secondary data was collected from various research journals, articles blog’s and etc.

RESEARCH & SAMPLE DESIGN: -

The research design was a combination of both descriptive as well as exploratory. Convenient sampling was used on the

data.

STATISTICAL TOOL: -

SPSS was used as the software for the analysis part. Cronbach’s Alpha, co- relation, Regression analysis, chi-square test

were among the statistical tools used for testing the Hypothesis

.




Data Analysis, Interpretation and Hypothesis Testing

DATA ANALYSIS

Reliability Test: -

Cronbach Alpha: -

Table 1:- Cronbach Alpha / Case Summary

Table 2:- Cronbach Alpha / Reliability Statistics

As shown in the above table the value of Cronbach’s Alpha in coming .881 the reliability of data is

very good and we can proceed to conduct further analysis.




Validity Test: -

Table 3:- Validity Test

Validity of data of data is good we can further conduct the test on the Hypothesis. To identify

whether the questionnaire was valid or not, it can be done by observing the value of significance

(p ≤ 0.05).

HYPOTHESIS – 1

Null Hypothesis: - There is no significant impact in the business of Individual Financial Advisors

with Inclusion of Digital Platforms.

Alternate Hypothesis: - There is a significant impact in the business of Individual Financial

Advisors with Inclusion of Digital Platforms.

Test Conducted – Regression (Linear Regression)

Dependent Variable – Business of Individual Financial Advisor

Independent Variable – Increase in Revenue after providing service via Digital Platform, Better

service Delivery via Digital Platform, Better client Establishment and client Retention via Digital

Platform.

To Test the First Hypothesis, i.e. (Null hypothesis) - There is no significant impact in the business

of Individual Financial Advisors with Inclusion of Digital Platforms.

To understand the impact of digital platform on the business if IFA’s. related to Elevating the business of IFA, Increase

in Revenue after providing service via Digital Platform, Better service Delivery via Digital Platform, Better client

Establishment and client Retention via Digital Platform. Regression Analysis along with Frequency analysis was applied

to the variable to test the hypothesis. In the test sig value came .000 which was less than the p- value .050 on the basis




of this Alternate Hypothesis was accepted on the basis of result i.e. There is a significant impact in the business

of Individual Financial Advisors with Inclusion of Digital Platforms.

Table 4:- Regression / Model Summary

Interpretation: -

From the above table, we observe that R square value is .447 i.e. 44.7% of variance in the independent

variable i.e. over all difference in business of IFA’s.

Table 5:- Regression / Anova Table

Interpretation: -

From the above table, Sig value is .000 i.e. less than 0.50. Therefore, we reject the null hypothesis and accept the alternate

hypothesis i.e. There is a significant difference in business of Individual Financial Advisors with

Inclusion of Digital Platforms.

Table 6:- Regression / Coefficients Table

Interpretation: - Above table is showing the coefficients value of each and every variable put through

the test.




Frequency Analysis: -

Table 7:- Frequency Table / Elevate IFA's Business via Digital Platforms

Figure 1:- Frequency Bar Chart/ Elevate IFA's Business via Digital Platform

INTERPRETATION: - A direct question was asked to the Respondents, Does Digital platform have helped you

to elevate your business? Out of 152 respondents, 94 respondents gave answer Agree and Strongly Agree i.e. almost 61

% Respondents.

On the Basis of this analysis and Interpretation of the following Hypothesis. We have accepted the Alternate

Hypothesis i.e. There is a significant impact in the business of Individual Financial Advisors with Inclusion of

Digital Platforms.

HYPOTHESIS – 2

Null Hypothesis: There is no Significant impact on Ease of Doing Business with inclusion of

Digital Platforms.

Alternate Hypothesis: There is a Significant impact on Ease of Doing Business with inclusion of

Digital Platforms.

Test Conducted – Correlation and Cross Tab (chi square)

Variables – Better service Delivery to Clients via Digital Platforms, Better client Establishment.




To Test the Second Hypothesis, i.e. (Null hypothesis)- There is no Significant impact on Ease of

Doing Business with inclusion of Digital Platforms.

Two question were asked which were quite direct with reference to the Hypothesis. Which were related to Ease of

Doing Business these were Better Service delivery and Better Client Establishment and whether these Digital platforms

help them to Maintain Their client. Correlation and chi- Square test was applied to test the Hypothesis in which it was

observed that both the variable have a strong correlation between them and chi- square test suggested that they are quite

valid. With sig. value coming .000, on the basis of results obtained we accepted the Alternate Hypothesis i.e. There is

a Significant impact on Ease of Doing Business with inclusion of Digital Platforms.

CO-Relation Test: -

Table 8:- CO-Relation/ Descriptive Statistics

Table 9:- Co-relation Table/ Second Hypothesis

Interpretation: -

As observed in the above table Significance value is .000 i.e. less than the rate .01 on the basis of this we can say there

is a relationship between the two factors.

Cross Tab (Chi Square)

Table 10:- Cross Tab/ Chi Square / Second Hypothesis




Table 11:- Cross Tab / Descriptive Table / Second Hypothesis

Table 12:- Cross Tab / Chi Square Test Table

As seen in the above table chi- Square value is .000 i.e. less than .050 on the basis of that we can Accept the Alternate

Hypothesis. And Reject the Null Hypothesis. There is a Significant impact on Ease of Doing Business with

inclusion of Digital Platforms.

Frequency Analysis: -

Table 13:- Frequency Analysis/ Frequency Table/ Second Hypothesis




Figure 2:- Frequency Bar Chart/ Second Hypothesis

Table 14:- Frequency Analysis/ Frequency Table/ Second Hypothesis (2)

Figure 3:- Frequency Bar Chart / Second Hypothesis (2)

Interpretation: As shown in the Frequency Analysis two Different questions were asked keeping in mind the

hypothesis which focused on Ease of doing business, Does Digital Platform help you deliver services that you offer in

a better way?

In which out of 152 respondents, 110 respondents Agreed and Strongly Agreed to the question, i.e. almost 71.4%. Do

you think, Digital Platforms have helped you to establish and maintain client? In which out of 152 respondents, 102

respondents Agreed and Strongly Agreed to the proposition which is almost 66.3%. on the basis of this we can accept




the Alternate Hypothesis and reject the Null Hypothesis. i.e. There is a Significant impact on Ease

of Doing Business with inclusion of Digital Platforms.

The SECONDARY OBJECTIVE: -

To Learn about various Digital Platforms available for Financial advising on Individual level.

Various Financial Advising Firms and Wealth Management Firms offers specialized Financial Advising Apps (Digital

Platforms) apart from doing their Business on Platforms such as Google, And Social Media Platforms. To be more

precise about the objective Wealth management Firms Such as Edelweiss, provide a digital platform called Edelweiss

Partners, Anand Rathi Wealth management Firm has Application called Anand Rathi Wealth, apart from this Companies

Such as Motilal Oswal has an app called Motilal Oswal AMC. These all apps are available on Play store for Individual

Financial Advisors to access and use this platform for their Business Purposes. India’s Biggest Asset Management Firm,

NJ Wealth also has their own app which is available on play store for IFA’s. Various Digital platform’s such as

Morningstar Office, Money Guide Pro, EMoney Advisor emX Pro, and other’s life has become very easy for individual

financial advisors. These digital platforms not only reduces the stress level of a financial advisors but also helps them

to organize their work more efficiently and effectively. As most of the work are done automatically Financial advisors

can now devote more time on planning aspects and can cater to the clients need in a better way, this has not only helped

them to reduce their cost but has also helped them in increasing their reach into the market and has helped them elevating

their business.

Results and Discussions – Findings, Conclusion and Recommendations

KEY FINDINGS: -

1. Platforms Used for Business Purpose: - Out of 152 respondents 59.1% of the IFA’s were registered on

Google, the majority of the respondents said that they use Google as a digital Platform for their Business Purpose.

Not only that, 48.7% IFA’s also choose Specialized Financial Advising Apps, as their preferred digital

platform for business purpose.

2. Factors for Choosing this Digital Platforms: - Five different factors, Convenience, Mobility, Better Client

Handling, Better Management, Easily Accessible. Which was scaled on the parameter of Very Important to

Not Important. Out of 152 respondents, where Convenience got 103 votes, Mobility- 65, Better client

Handling- 91, Better Management- 89 and Easily Accessible- 96. This said, this confirmed that these factor

does lead an IFA to choose a digital platform for his or her Business.




3. Elevate the Business of IFA’s: - A direct question was asked to the respondents whether Digital platforms have

helped them to Elevate their Business. Out of 152 respondents, 94 respondents gave answer Agree and

Strongly Agree i.e. almost 61 % Respondents. On the basis of this results we can say that the Inclusion of

Digital platforms have helped them to increase their business and has made a significant difference in the

business of IFA with Inclusion of Digital platforms.

Figure 4:- Elevate your Business Via Digital Platform

4. Better Engagement via Digital Platforms: - Components such as better Engagement was also studied in the

research paper. Respondents were asked whether Digital platforms helps them to engage in better way with their

clients. The question was asked on a Likert scale, on scale of Strongly Disagree to Strongly Agree. Out of 152

respondents 112 respondents Agreed and Strongly Agreed to the question with 73.7% cumulative.

5. Avg. Conversion rate of Client who comes through these Digital Platforms: - Respondents were asked about

an important aspect i.e. the avg conversion rate of clients, that These digital platforms provide, out of 152

respondents 105 respondents said that the avg. conversion lies between 30-70 %. Considering this we can

say that the digital platforms has made a significant difference in the business of IFA’s. higher conversion rates

certainly leads to more business. Which has come with the Inclusion of Digital platforms.

Figure 5:- Avg. Conversion Rate of Clients Via Digital Platforms

6. Digital Platforms will help gain more Business in Future: - IFA’s were also asked about their Perspective

towards these Digital Platforms whether this Digital Platforms will help them to gain more business in the future.

Out of 152 respondents, 118 said that “Yes” they strongly agree that these Digital platforms will help them

gain more business in the Future. I.e. almost 77% of Total Respondents.




7. Better Service to client via Digital Platforms: - Respondents were asked, Does Digital Platforms help you

deliver service that you offer in a better way? Out of 152 Respondents 109 respondents agreed and strongly

agreed to the proposition given to then i.e. almost a cumulative of 71.7%. this question was also considered

to test the second hypothesis related to Ease of Doing Business.

Figure 6:- Better Service Delivery Via Digital Platforms

8. Better Client Establishment and Maintaining Clients: - Respondents were asked, Do you think, Digital

platforms helped you to establish and maintain clients? Out of 152 respondents 101 agreed and strongly

agreed to the proposition, i.e. almost 66.4 % as a cumulative.

Figure 7:- Better client Establishment and Maintaining Clients via Digital Platforms

9. Improved Revenue via Digital platform: - Respondents were asked about the Revenue aspect also this variable

was used to test the first Hypothesis which was associated with Significant Difference in Business of IFA with

Inclusion Of Digital Platforms, out of 152 Respondents 97 respondents Agreed and Strongly agreed to the

proposition, which totals to an impressive cumulative of 63.8 %. IFA’s agreed on the point that Digital

Platforms have Increased their revenue (in terms of Commission).

Figure 8:- Increase In Revenue Via Digital Platforms




10. Traditional and Orthodox clients and their perspective toward Digital Platforms:- IFA’s were asked about

the perspective of Traditional and Orthodox Clients that they cater to, out of 152 respondents 109 respondents

said yes, the Traditional Clients and the Orthodox Clients show Resistance in use of Digital Platforms.

However, 43 IFA’s said they don’t face any problems with the concern objective. That is almost 28.9 percent.

11. Recommend Use of Digital Platforms to fellow IFA’s: - Respondents were asked whether they would suggest

their fellow IFA’s to use Digital platforms, to which 110 respondents said, “Yes” they would recommend the

use of Digital platforms to their fellow IFA’s. that is almost 72.4% of total Respondents.

12. Future of Digital Platforms in Financial Advising Services: - Respondents were asked that whether these

Digital platforms have a Future in Financial Advising Services to that out of 152 Respondents, impressive 109

respondents said “yes” which accumulated to almost 84.9 %.

DISCUSSION: -

Digital Platforms have helped Individual Financial Advisors to improve and Increase their business, after conducting

the Research on Study on Role of Digital Platforms in Elevating the Business of Individual Financial Advisor (IFA’s).

it was quite evident that Digital Platforms have played a very significant role in the life of IFA’s. this study helped us to

understand the factors that leads an IFA to go for a digital platform for their Business purpose, five important factors

came as evident which were, Convenience, Mobility, Better Client Handling, Better Management, Easily

Accessible. It was also found in the study that IFA’s extensively use Google, Social Media Platforms and Specialized

Financial Advising apps in their Business as considering Digital Platforms. It was also found that digital platforms have

helped IFA’s to elevate their business with its Inclusion, not only that with the Inclusion of Digital platforms, there

has been a significant difference in the business of IFA’s be it with Better Client Engagement via Digital Platform

or Avg. conversion rate of clients who comes through this Digital platforms. Digital Platforms also brings in Ease

of Doing Business while testing the second hypothesis concerned with Ease of Doing Business it was found that Digital

Platforms have helped IFA’s providing better services through this, digital platforms not only this Digital

Platforms have also helped IFA’s to establish new clients as well as maintaining those clients for good. This,

aspects helped us to comprehend the Ease of doing business part, coming to the other part of the study it was also

observed that IFA’s agreed to the point that Digital Platforms will help them to bring more business in the coming future,

Experience as an IFA and Avg. conversion rate of clients was tested to understand the third hypothesis. It was also

found out in the study that digital platforms has helped IFA’s to generate more revenue in terms of commission

after providing their services through Digital platform, Study also helped us to find out different Digital platforms

available to the IFA’s for their Business purpose (Secondary Research). It was also found out and observed that more

than 70% of IFA’s says that Traditional And Orthodox Clients shows resistance while using Digital platforms, it

was also found that more that 70% IFA’s were in favor of Digital platforms as they believed that it will help them gain




more business in the coming future and Digital platforms have a very strong future in the Financial Advising

Services.

LIMITATIONS: -

The findings of this research have seen some, limitation. This study was conducted with a time constraint. The data is

collected from various IFA and their view point’s cannot be matched with the whole population of IFA’s viewpoint

regarding the subject can differ from respondent to respondent. i.e. the data does not claim to be the overall

representation of the population. As the research was conducted during COVID-19, there was no personal interaction

with IFA’s, for better understating of their viewpoints.

RECOMMENDATIONS: -

It is recommended that IFA’s should use digital Platforms as much as they can as it helps and provide better

business opportunity.

It is recommended that IFA’s should help understand the benefits that digital platform provides in ease of doing

business to traditional and Orthodox Clients as they show resistance in using these Digital platforms.

It is recommended that IFA’s should try to create favorable picture in the minds of these Traditional and

Orthodox clients with respect to these Digital platforms.

It is recommended that Providers of these Digital platforms should also consider this resistance as opportunity

to improve their interface and problems related to the subject.

It is recommended that as the technology is ever evolving they should keep an eye on the horizon for continuous

development and upgrades available to them.

CONCLUSION: - The study will help us to understand the impact that digital platforms have brought to the business of IFA’s. study will

be beneficial for IFA’s at the same time for the Digital Platforms that provide such platforms for IFA’s for business

purpose. As pointed out in the recommendation part the study will help IFA’s and Digital Platform Providers to do

introspection with reference to Traditional and Orthodox Clients.

FUTURE SCOPE: - Change is Inevitable, and it goes for Financial Advisors as well, one step above the digital platforms are Robo- Advisors,

these Robo- advisors, are much more equipped to analyze and in giving solution to clients who are in need of Financial

Advising the only thing that the lack is the human touch and a sense of assurance that a IFA gives, the Future of this

research might be in the field of Robo- advisors and how they are slowly but gradually taking over the digital platforms

and business opportunities available to the IFA’s currently.




REFRENCES: -

REFRENCES Belbey, J. (2017, Jan 3). Retrieved from FORBES:

https://www.forbes.com/sites/lisettevoytko/2020/06/01/white-house-goes-dark-as-george-

floyd-protests-boil-over/#7fb3273b2933

BNP PARIBAS CARDIF. (2018). 11th Annual Market Survey of Independent Financial

Advisor's(IFA's) And their Clients. KANTAR TNS.

Chaston, I. (2011). Independent financial Advisor : Open Innovation and business Performance.

Service Industries Journal. Retrieved from www.ebsco.com

Cisco. (2017). Digital Transformation For Wealth Management Learning to Drive the new

CAR(Client,Advisors and Robots). CISCO.

Crlos Lassala, P. C. (2016). Alternative Path to High Performance of Independent Financial Advisor:

A Fuzzy set. Journal Of Business Research. Retrieved from

http://search.ebscohost.com/login.aspx?

Diederick Van Theil, F. V. (2017). Explaining Customer Experience Of Digital Financial advice.

Econimics World, vol.5, ( no. 1,).

Grace, C. (2019). Next-Gen Financial Advice: Digital Innovation and Canada's Policymaker. C.D.

Howe Institute.

Kerr, R. (2014, November 24). Retrieved from Hearsay Systems:

https://hearsaysystems.com/2014/11/digital-wealth-management-accenture/

Obrien, S. (2019, August 22). Retrieved from CNBC: https://www.cnbc.com/2019/07/22/how-

advances-in-fintech-are-helping-financial-advisors.html

Stella, D. T. (2019, December 1). Digital Finance And Its Impact On Financial Inclusion. Journal Of

Energing Technologies and Innovative Research.


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