{"id":2758,"date":"2019-02-04T03:21:19","date_gmt":"2019-02-04T08:21:19","guid":{"rendered":"https:\/\/www.rixtrema.com\/blog\/?p=2758"},"modified":"2019-11-13T12:10:22","modified_gmt":"2019-11-13T17:10:22","slug":"more-advisors-now-see-opportunity-in-technology-not-competition","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/more-advisors-now-see-opportunity-in-technology-not-competition\/","title":{"rendered":"More Advisors Now See Opportunity Instead of Competition in Technology"},"content":{"rendered":"

Financial advisors are less intimidated by the risk of technological progress taking their jobs rather than they were a few years ago. Indeed, there are signs that advisors are becoming more comfortable with technology, especially as their clients become more tech-savvy and demand an enhanced experience in the digital age era<\/a><\/span>.<\/span><\/p>\n

From the recent report written by the Certified Financial Planner Board of Standards\u2019 Digital Advice Working Group and quoted in a recent Investment News article<\/a><\/span>, \u201c Looking toward the future, however, the working group could see the technology to enable fully automated, direct-to-consumer, holistic financial planning without a human advisor as soon as 2023.\u201d But that doesn\u2019t mean the need for human advisors will be eliminated, as people will always require a explanation and a deeper analysis that only a live person can provide.<\/span><\/p>\n

While previous report released in 2016 was far more pessimistic regarding advisors adopting technology (note that report was focused on robo advice artificial intelligence as a threat to human advisors) it was found that these technologies didn\u2019t have much of an impact in the short run.<\/span><\/p>\n

However, technology does have an impact on interactions between a client and an advisor, and when used properly, can free up a lot of time that can be used more efficiently. The group considers technology to be an amplifying factor in the financial advisory business, which is becoming a compulsory unit in the advisor\u2019s practice.<\/span><\/p>\n

Many financial companies that have found ways to implement technology into their work and are getting better results than their competitors. But be aware of problems that can arise if adopting new tools is not done in a cohesive and effective way.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advisors are less intimidated by the risk of technological progress taking their jobs rather than they were a few years ago. Indeed, there are signs that advisors are becoming more comfortable with technology, especially as their clients become more tech-savvy and demand an enhanced experience in the digital age era. From the recent report… <\/p>\n

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