The Investopedia survey data also shows the specific impact robo-advising has had on the space, however, some advisors remain unconcerned:
- 78% of advisors expect technology to greatly impact their practice in the next five years
- 42% are somewhat concerned that robo-advising will negatively affect traditional financial advisors
- 66% say new technology is greatly involved in their practice
- 54% have no plans to implement robo-advisory service
Despite the growing trend of advisors implementing new technologies, 51% of respondents claim they are still not concerned that robo-advising will negatively affect traditional advisors.
“Most traditional advisors should be concerned about the impact robos and other disruptive technology will have on their business,” comments Stephen Rischall, co-founder at 1080 Financial Group. “Technology is rapidly changing the way people invest and manage their finances. Clients should expect more from their advisors and a modern fiduciary approach is a step in the right direction. At 1080, we see clear benefits of using technology in our practice to be more efficient with our time and create a better client experience. Ultimately people value personal relationships. That’s why blending smart technology with personal service is the smart choice.”
Seventy-eight percent of advisors expect technology to greatly impact their practice in the next five years while less than 2% claimed it will have little to no impact. Twenty-seven percent of advisors stated that they are considering adding robo-advising to their practice or have already begun implementing these capabilities.