An overwhelming majority of advisers (97%) believe conventional and robo-advisers can co-exist, a study says, but a strong majority (78%) still see the new tech as threatening. —
“We did the study because we felt there was a lot of confusion out there about robo-advisers and the ability of our advisers to embrace that technology,” says Todd Clarke, chief executive of CLS Investments. “The study bore all that out. Advisers are confused; they do see it as a threat.”
CLS Investments, an asset manager that creates exchange-traded fund (ETF) strategies, conducted its survey to gauge the significance of the conflict that advisers seem to be experiencing in the face of a new technology.
But the technology is just one of many facets of the advisory business that is changing, Clarke believes. “Think about grocery shopping or buying shoes online,” he tells PLANADVISER. “Those have changed, and even hailing a cab has changed.”