Does technology helps or kills the financial advisory industry?

Thumbs up to the innovative idea from an insurer to launch an ipad app to provide insurance cover to clients ASAP. It allows clients who provide the necessary documents to get cover on the same day.

It was quoted “Previously, a financial services consultant would have to meet a client on a few occasions to fill out the required forms, and it would take another two to three days for the application to be processed and approved.

Now, with the iPad system, the whole process has been condensed into one or two hours.”

It definitely help the sales process but I’m can’t be sure on the advisory process. Very often, I’ve seen financial advisers in a fast food restaurant asking the prospect what they want to do in the retirement years etc. That is an interesting question.  I am not sure how one can think of their next 30-40yrs in retirement within the next 30-40mins and get a financial plan implemented.

I will be more than glad if this app serves the purpose of fact-finding only. Of course, I could be biased too…as you know, I don’t have an ipad!