2018 Digital Advice Working Group Report
CFP Board formed the Digital Advice Working Group – a group of senior business executives, industry professionals and thought leaders in financial advice, wealth management and technology – to better study and prepare for the unknown future impact of digital advice on the delivery of financial advice.
At the Digital Advice Working Group's 2018 meeting, Heidrick Consulting facilitated a session to foster mutual learning and dialog using a framework addressing all segments of the digital advice ecosystem: technology, consumers themselves, regulation, firms and advisors.
This report points to a future where technology is much more scalable, accessible and useful in the consumer-advisor relationship. In fact, the report notes consumers and advisors will be “connected through a seamless digital experience.”
Fears of technology replacing human advisors remain largely unfounded, too. Rather, consumers will continue to gravitate toward working with financial professionals who utilize technology and grasp its importance. The report notes that this integrated approach can be found in areas of medicine where doctors and hospitals utilize technology to help lead to better patient outcomes.
“Clients expect and deserve a human-powered, digitally-enabled solution to their financial needs.”
— Kevin R. Keller, CAE, CEO of CFP Board