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Reactions To the New iPad 2

By Lee Kowarski

Sales, Marketing & IT teams that aren't already doing so should be collaborating to plan for the new iPad 2. The potential benefits of the iPad that I wrote about on this blog last February are just as true today, if not more so. Since that time, we have seen several asset managers pilot or implement iPads, including Dreyfus, Eaton Vance, Federated Investors, John Hancock, Lord Abbett, New York Life, and Putnam Investments, and we are helping many other firms evaluate iPads and other tablet solutions to support their sales force.

After following Apple's "iPad 2" event on Wednesday via Engadget, I wanted to share my reactions to the new device, which is coming out on March 11th, and its implications.

• iPad, but Better: The iPad is already the dominant tablet device, with nearly 15 million sold in 2010, largely due to its ease of use, elegant design, and (relatively) long track record. The new iPad 2 appears to be a significant improvement on the first model without impacting the cost - the iPad 2 is thinner, faster, and lighter, adds both front- and rear-facing cameras allowing video conversations, and offers an enhanced approach to a case, yet maintains the same pricing structure as the 1st generation iPad.



• Think Strategic, Not Gadget: Many firms have decided to roll out iPads because they recognized how effective they can make their sales force. I have, however, seen some firms that jump on the bandwagon and fail to plan appropriately. Simply providing wholesalers with an iPad will not necessarily boost their effectiveness. Sales, Marketing & IT teams must collaborate to determine what functionality will be provided. In many cases, firms will want to develop an "app" specifically for their wholesalers (which can be made available solely for internal use for a $299 annual fee). The rollout and training strategy becomes important as well if firms want to maximize the value that they can realize.
• Act Now: As we wrote in our recent "Mobile Strategies for Asset Managers" report, asset managers need to explore the benefits of tablets by testing iPads now and learning about their capabilities. The iPad 2 makes this opportunity only more compelling. Firms that risk waiting to see what other tablets emerge, reduce their ability to have any impact for another year.