One surprise in our most recent Financial Planning Tech Survey was offset by another: Advisors’ use of financial planning technology has dropped, according to the latest data. But some formerly fringe tools are getting more widespread adoption.
One year ago, only 4% of advisors told us they used chatbots. In 2020, the number leapt to 44%. The popularity of online model marketplaces, multi-functional platforms and social media management tools also saw large increases.
Digital advice racked up the largest year-over-year increase in adoption. Only 11% of advisors said in 2019’s survey that they used a robo advisor, 60% say they use one now.
More highlights from Financial Planning’s 2020 Tech Survey follow:
Methodology: The 2020 Financial Planning Tech Survey is based on the responses of 225 financial advisors. The survey was fielded online from March 31, 2020, to April 13, 2020. Note: The sum percentages may now equal 100% due to rounding.