With technological innovations creating more customized experiences across many industries, business users now expect that in all aspects of life, according to a Broadridge report released on Friday. Technology has shifted social behaviors and business relationships, particularly between investors and financial advisors, the report found.

SEE: Digital transformation: An IT pro’s guide (free PDF) (TechRepublic)

The report surveyed more than 500 individuals who use financial advisors, determining that financial advisors must adapt to their clients’ preferences to stay competitive. Investors across generations have become used to individualized user experiences in other aspects of their lives, and now expect it from their financial advisors as well.

More than half (53%) of respondents reported some level of customization in their communications with financial advisors. However, less than four in 10 respondents said the content was “engaging,” and less than three in 10 reported the advice to be “actionable,” the report found.

“As a result of technology transforming the customer experience, investors have come to expect a certain type and level of service no matter the industry or consumer relationship,” Chris Perry, head of global client solutions at Broadridge Financial Solutions, said in a press release. “It’s clear investors want to interact with their advisors on social channels and want high-quality, engaging and actionable financial advice. This presents a real opportunity for advisors to provide more personalized communication and experiences.”

More than one-third of Millennial financial clients said they primarily use their smartphone to read advisor communications, while only 21% of Gen X clients and 7% of Baby Boomers said the same. The later generations prefer to read communications on paper, the report found. While the mode of consuming communication might be different, they all expect it to be individualized.

For advice on how finance leaders can embrace digital transformation, check out this TechRepublic article.