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Digital Transformation


By Anvil Staff

What the robo trend means to the wealth industry and whether its integration threatens the role of the advisor.

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How the Advent of Automation and Robo-Advisors Will Impact Your Business in 2020.

Big names in the wealth space⁠—Charles Schwab, Goldman Sachs, Wealthfront⁠—are investing big money into automating work traditionally done by individuals. As technology and tech-forward solutions become less optional and more the norm, wealth management companies are injecting vast sums of their resources into automation. Funds previously allotted to other departments like compliance and human resources are now shifting to products that streamline workflows and automate the day-to-day business of the advisor.

“Robo” has become a term that represents efficiency, and more poignantly, servicing the client with little to no human intervention. By mid-2020, even Goldman Sachs will offer digitization of financial services, indicating a shift from only offering products for the elite to the masses. As robo-advising becomes more commonplace, however, this leaves the worrisome conundrum—what role does the advisor have if certain tasks are no longer expected by them?

The key and most attractive component of the robo-advisor is accessibility. Mobile access and do-it-yourself advantages present the client with a multitude of options. Clients are no longer limited to tedious or routine steps to execute financial decisions; human interaction can be bypassed altogether. Yet this streamlining of processes does not eliminate the need for advisors altogether. Instead, robotizing certain processes can actually increase the advisor’s productivity, ultimately providing added value to the client.

Amongst technology focused on the wealth industry, the type that advisors can expect to be omnipresent include those catering to the client onboarding process and account management. Although metrics for AI-based systems centered on picking stocks might better inform the way portfolios are built, the creation of robo-advisors does not replace the management of these accounts and the advice given there. These latter qualities will always depend on, and require the personal touch of the advisor. So while the client has more direct access to tools relating to portfolio management, the advice aspect still originates from the advisor.

Digital lines flow around person "...the advisor is still necessary to listen to the client’s unique and complex needs, ones that even the most advanced algorithms cannot detect or decipher."

Because robo-advisors are ultimately programmed and not 100% customized to the client, its use only complements the role of the advisor. This explains why the need to maximize the advisor’s time on more substantive tasks is so crucial. At the end of the day, the advisor is still necessary to listen to the client’s unique and complex needs, ones that even the most advanced algorithms cannot detect or decipher. By automating more administrative tasks like those done in the back-office, the advisor can concentrate on the very aspect that no robo system can replace: the relationship itself.

Anvil in the Dawn of the Robo-Advisor

Focus on the role of the advisor by freeing up necessary and quality time to be centered on the client. Anvil takes the busy work out of daily work. Streamlining processes like client onboarding and account management, Anvil offers the client a more pleasant user experience than the exhaustive task of form-filling and ongoing form-updating. Information is painlessly gathered by Anvil’s software and can be integrated into robo-advisor platforms giving the advisor more time to focus on the client and provide catered financial advice.

Use Anvil to Automate Your Process

Check out Anvil to learn more about automating your document-based processes. Everything from gathering information, preparing documents, requesting signatures and updating CRM systems in one simple online workflow. Build your perfect workflow today!

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  • Simplifying data gathering
  • Streamlining document preparation
  • Requesting e-signatures
  • Building and scaling your business
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