Note: This article is courtesy of Iris.xyz
By Jay Gragnani, Dorsey, Wright & Associates, a Nasdaq Company
In The Martian, Matt Damon’s character leveraged science, technology, and every single resource he had to survive. From growing his own food and creating water, to building his own tools, to figuring out how to communicate with NASA to get home alive, his ability to adapt to constant change saved his life.
While it may feel dramatic to compare a lost astronaut’s circumstances to the current environment in financial services, it may feel just as threatening to advisors facing the recent onslaught of new regulations and emerging technologies. Perhaps the best example of this perceived threat is the industry’s reaction to robo-advisor platforms.
Instead of seeing this advancement as a powerful resource and taking advantage of the opportunity, many advisors are paralyzed by fear. Today’s industry headlines continue to call out robo-advisors as a major threat to advisory practices. But are they? Or are they simply the next step in the evolution of financial services?