Digital wealth management is going through another rapid phase of development. But now it is major financial firms who are dictating the pace of change.
The year had barely begun before major deals in robo advice were announced by asset management giants BlackRock and Invesco.
Independent robo advice firms haven't fallen to the wayside, though; they've raised their profiles, airing national TV advertisements in the hope of reaching new investors.
There is an elastic quality to change in the digital wealth space: traditional firms, for instance, insist that human advisors will remain essential to the business, but continue adding new technological layers and rolling out automated platforms.
Studies on the digital advice space suffers from that same rubber band effect -- many cite findings that show investors still want human interaction, while generating results that suggest investors are increasingly becoming digital-first.
Or that advisors are being advised to begin adopting digital advice platforms for efficiency's sake, but only a small percentage actually have embraced the new tools.
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