FT Partners research report “Are the Robots Taking Over? The Emergence of Automated Digital Wealth Management Solutions” provides a comprehensive overview of key industry trends driving innovation in the wealth management space and how the industry is reacting to the emergence of Robo Advisors and other Digital Wealth Management disruptors.

MyVest CEO Anton Honikman discussed his thoughts on the industry, its inevitable shift to a client-centric approach, and how MyVest helps customers prepare for the future of wealth management:

Robo advisor technology has promoted the virtues of low fees, an attractive, easy-to-use user experience, paperless workflow, commoditized portfolio management and transparency; however, they generally lack personalization, enterprise scale, and sophistication.

While I believe that pure B2C robos will continue to be a viable but niche segment, they have caused the traditional wealth management industry to take note, and most are now evaluating a digital roadmap in response.

I don’t think it’s an exaggeration to say that traditional wealth management is under fire. The days of simply picking products based on performance, narrowly focusing on individual accounts, and periodically presenting static reports, are in terminal decline. We can’t ignore that demographic shifts are radically altering the landscape, regulators are elevating fiduciary standards, and digital technology is steadily encroaching.

Human advisors, more specifically the ones that survive by adapting to the new world order, are going to be more about offering advice and less about offering a product. Investment management is becoming commoditized, but a true advisor steps in for financial planning and guidance involving changing life circumstances, determining how a solution can be personalized to the specific needs of their client, over time.”

Read Anton’s full interview (beginning p. 44) in FT Partners’ full report