Rising coins on keyboard

Each day, technology continues its steady advance on a traditional advisor’s world. These advisors seem to be threatened on every side.

Don’t take my word for it. According to a recent study by Scottrade Advisor Services, 90% of respondents believe robo-advice will impact the wealth management industry, citing things like fewer prospective clients to compressed fees and new client interaction models. In addition, these same advisors think 60% of Gen Y is very likely to use robo-advisory services.

To address the challenges of an increasingly digital advisory space, new software aimed at helping advisors automate and get online is coming into the market. (Full disclosure: I am the founder and CEO of Wealthminder.com, a provider of financial planning and investment advice software.)

This is the first I have heard of Wealthminder.