Based on existing trends in robo-advisory, we might see the future of wealth as a synthesis of digital advice, automation, and human-to-human interaction, with investors choosing options that match their aspirations and specific life goals.
Advisors acknowledge under-utilization of social media prospecting and discuss some challenges associated with using social media for their practice including compliance and automaton.
Client assets managed on digital advice platforms is expected to hit $400 billion by the end of 2018. Many advisors are rolling out new offerings to prevent client defections.
When it comes to wealth management, a personal touch still goes a long way.