New Report: Financial Advisors Are Still the Primary Source for Advice; Technology Utilized to Create Better Outcomes

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New Report: Financial Advisors Are Still the Primary Source for Advice; Technology Utilized to Create Better Outcomes

Jan 10, 2019

Clients’ Financial Well-being Benefits from an Integrated Solution

Financial advisors remain the primary source for the delivery of financial advice despite the availability of fully automated digital solutions, with clients expecting technology to be part of their relationship with advisors, according to a new report issued today by Certified Financial Planner Board of Standards, Inc. (CFP Board).

“Clients expect and deserve a human-powered, digitally-enabled solution to their financial needs,” said CFP Board’s Chief Executive Officer Kevin R. Keller, CAE. “Financial advisors who utilize technology as a tool in the client-advisor relationship can differentiate themselves and create more meaningful, deeper conversations and longer-lasting relationships that produce better outcomes.”

The report from CFP Board’s Digital Advice Working Group reflects the reality that consumers want to have an integrated solution when getting financial advice as part of a Digital Financial Advice Ecosystem, which contains five segments – technology, consumers themselves, regulation, firms and advisors.

Each one of these is important, but together they make up for what the group believes is the future of financial advice. When it comes to financial services, consumers expect that they will have access to technology to make informed decisions and track their accounts. At the same time, consumers are recognizing more and more that they need the help of a financial professional to provide context to their finances – and help them understand the impact of their decisions.

The report, which was developed by the Digital Advice Working Group and Heidrick Consulting, points to a future where technology is much more scalable, accessible and useful in the consumer-advisor relationship.  In fact, the report notes consumers and advisors will be “connected through a seamless digital experience.”

Fears of technology replacing human advisors remain largely unfounded, too. Rather, consumers will continue to gravitate toward working with financial professionals who utilize technology and grasp its importance. The report notes that this integrated approach can be found in areas of medicine where doctors and hospitals utilize technology to help lead to better patient outcomes.

Another factor driving this transition is the changing regulatory model that financial services firms operate in. Specifically, regulators – as well as consumers – are expecting advisors to put their clients’ interests first. Technology helps keep advisors in compliance with regulators while also ensuring that their clients stay informed and engaged in the decision-making process.


Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S.  CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning.  CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms as the standard for financial planning, CFP® certification is held by more than 83,000 people in the United States.

CONTACT: Dan Drummond, Director of Communications P: 202-379-2252 M: 202-243-8621 E: ddrummond@cfpboard.ord

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CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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