Two-thirds of respondents indicated they were embracing passive investing as an opportunity for their business, stating that passive investing allows them to spend more time with their clients, establish more reasonable expectations for returns and engage wider pools of investors as prospective clients.
While the respondents said they have made great strides and reaped rewards from investing in technology that creates integrated, paperless and cloud-based practices, they expect to reap the most returns from investments in artificial intelligence and the "internet of things."
The survey, conducted in September, involved 946 advisors employed by RIAs who custody assets with Schwab.