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For now the result looks bleak. Broker-dealers lack a digital strategy and implementation plan, while investment advisors have a shortage of digital talent. Clients are not just comparing their advisors to other providers, but also to the technology used by retail and service companies such as Google, Apple, Amazon and Uber.
Firms must consider the failure of capturing digital natives like millennials and Generation Z, as well as monetary losses that are the penalties for falling behind in new technological implementations. The good news: There is a silver lining in terms of ROI and strengthened customer relations for firms that take the tech leap.
Read more in Sal's recent article in On Wall Street.