The study shows that higher-earning advisors are more likely to be early adopters of robo advice.

“The successful model is going to be a melding of human interaction with a digital experience,” Caplan said. 

Caplan predicted the growth of the robo-advisor model will democratize financial services, opening up services to younger clients and those with more modest levels of wealth.

“As solutions become commoditized, pricing goes down,” he said.

Nevertheless, advisors remain split on their outlook towards technology, with 42 percent considering robo advisors a threat to the profession, according to the study.

“Advisors are coming to the realization that if they don’t embrace technology, then they are putting themselves at risk,” Caplan said. “I think the space is right for change and transformation, and whoever gets it right will find out how personal capital and technology intersect.”

The study was conducted by Harris Poll. The firm surveyed 535 financial advisors, both RIAs and broker-dealer affiliates, in April.

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