Automated and algorithm-based technology is making an increasing impact on traditional wealth management with 78% of US financial advisors expecting it to transform the industry.
According to a new survey by Investopedia 46% of wealth advisors are already or are in the process of implementing robo-advising technology into their practices.
Not all believe the impact will be positive with 42% saying they are somewhat concerned that robo-advising will negatively impact the traditional advisor’s role.
Investopedia’s CEO David Siegel said, “Robo-advisors and other fintech startups are disrupting the industry and traditional advisors need to adapt to the changing landscape.
A growing number of advisors are already beginning to incorporate new technologies into their practice. We’ll hopefully see this trend continue as a growing number of advisors may begin to struggle in an increasingly digital environment.”
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