Threats to the industry
While some advisors fear technology like robo-advisors,
they're less likely to do so if they have 21+ years of
experience in the industry. Concerns around non-
financial or 401(k) providers entering the financial
advice space have also decreased.
There has been a slight increase in worries about
regulatory changes, and some advisors expressed
concerns around "faux planners," or unlicensed
professionals selling financial products. Additionally,
there are worries about younger generations opting for
DIY planning without the guidance of a professional.
Which of the following do you
consider a challenge or threat to
the future of financial advice?
2023
2020
15%
33%
The Robo-advisor
Non-financial services firms moving into
financial advice
2023
2020
21%
33%
Regulatory requirements driving up costs
and reducing access to quality advice
2023
2020
49%
44%
401(k) providers moving into financial advice
2023
2020
21%
29%
2023
2020
20%
36%
Access to free or low-cost trading or investing
Tech advancements in AI/Machine Learning,
Predictive
2023
2020
36%
29%
10 FOR HOME OFFICE AND ADVISOR USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
