By Drew Taylor via

Choosing to incorporate digital (“robo”) technology into your financial or wealth management practice is not an all-or-nothing decision. Even when your sole goal is to attract millennials, you can’t view adding robo-technology as a stand-alone solution.

Why Think About Robo-Technology?

A study published by Pershing Advisor Solutions (in conjunction with Aite Group)1 in May 2016 showed that Tech Enabled firms grew their Assets and Revenues at a higher rate than other firms in their survey (for the 12 month period ending October 2015).

More specifically, 38% of Tech Enabled firms grew their Assets more than 10% during that 12-month period, double the percentage of other firms. In this highly competitive industry environment where growth is at a premium, engaging solutions that will provide a greater probability of generating higher growth should not be ignored.

The biggest reasons for firms not adopting technology include budget constraints and implementation challenges that could disrupt client services and impact advisor productivity. The implementation challenges can be overcome fairly easily with a well-structured plan. Even budget constraints do not have to completely derail the adoption of technology.

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