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Advisors are aware of the need to digitally transform their practices, but most are unprepared to keep up with the speed of change in the investment industry. Forty-eight percent are not ready to shift from commission-based to fee-based services, 43 percent are not prepared to add low-cost smart beta products and 43 percent aren’t geared toward more holistic goal-planning. And that’s the tip of the iceberg based upon findings from a new whitepaper by ESI ThoughtLab and Broadridge studying what’s in store for the next-generation wealth advisor.
In this article in Investment Executive, Broadridge’s Steve Scruton discusses how advisors will need to harness data and technology to build successful practices and better connect with customers. Advisors in the wealth industry currently lag behind other industries when it comes to leveraging data and analytics to help them understand their clients better. Steve attributes this to not "operating their businesses with a digital mindset.”
Wealth advisors agree that technology will soon take over many of their responsibilities but they will still play a vital role in client onboarding, analysis and advice — keeping a human element within the investing experience.