The changing landscape for advisors includes the growth of robo-advisors, Stimpfl notes. The largest group of advisors, 40 percent, feel that robo advisory services will complement their business, while only 23 percent feel it is a source of competition, according to the survey.
The majority of advisors (56 percent) feel robo advisory services are a niche offering.
“But 22 percent of advisors say that eventually everyone will need to offer robo-advising services,” Stimpfl says. “A year ago, that number would have been in the low single digits.”