Fully 8 percent of RIAs surveyed by TD Ameritrade Institutional are already using digital advice technology, while another 20 percent are in the process of figuring out how to offer it. That still leaves more than 70 percent of RIAs who are not embracing new advice technologies, according to TD Ameritrade Institutional president Tom Nally.

Nally urged advisors attending today's annual TD Ameritrade Linc conference to adapt to all sorts of technologies, not simply digital advice. Technology can either "overwhelm or propel" your firm, Nally said.

While the price of advice isn't equal to the value of advice, he warned advisors that the way many RIAs price their services encouraged clients to think otherwise. "Ninety-five percent of RIAs still charge a fee based on AUM, causing clients to pay only for a service that is being commoditized," Nally continued.

The real benefit comes from outcomes. Studies indicate good financial planning decisions can increase retirement income by 29 percent, he declared.

Advisors need to realize that the reputation of the financial services business suffered serious damage in the financial crisis. Asked what industries consumers trust, surveys reveal that it ranks near the bottom, just below chemicals.

Nearly a decade after the Madoff scandal surfaced, the story is still playing out on national television.

Among the next generation of clients, millennials, only 19 percent say people in general can be trusted. One can only imagine what they think of financial professionals.

Meanwhile, brokerage firms are telling clients that RIAs, who are only examined once every 10 years, represent the Wild West. Nally said it doesn't encourage investor confidence.

Nonetheless, some positive trends are emerging. For the first time in a decade, the average age of new CFP licensees is under 50, and 30 percent of new advisors are female.