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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.56 | -0.78% | 71.61 | 72.30 | 71.49 | 72.28 | 4,790,383 | 01:00:00 |
ORLANDO, Fla., June 3, 2015 /PRNewswire/ -- According to The Third Annual Study of Advisory Success: Confidence and Concern in the New Digital Age, released today at Pershing's INSITE™ 2015 conference, advisors are fairly evenly divided between viewing digital advisors, also known as robo-advisors, as competition or irrelevant to their business. Perhaps most surprising in the research was that only 19 percent of advisors think digital advice can complement their practice.
"There is no question that digital platforms are transforming the industry," says Ben Harrison, head of business development and relationship management at Pershing Advisor Solutions. "Though most advisors are familiar with digital advice, a relatively small percentage of advisors are currently using this technology. The biggest opportunity we see for transformation is for advisors to automate low-value tasks, expand their reach and profitability."
The survey also found:
In general, price was cited by respondents as one of the most threatening factors of digital online financial providers. More than three quarters of advisors surveyed say the low cost of digital advice will pose some sort of threat to their practice. This data is underscored by the finding of a different study that found more than half of investors surveyed agreed that the investment advice most financial advisors offer is not worth the one percent fee.
"It is short-sighted to limit the ways technology can complement a business to only digital advice," said Kim Dellarocca, managing director at Pershing. "Digital advice is important, but it is only one area where a firm needs to evolve their technology strategy to deliver a wealth management experience that mirrors the expectations of today's consumers and workforce."
The study suggests action steps for advisors to transform digital innovations into drivers of positive change and business growth, including:
To obtain a copy of Pershing's Third Annual Study of Advisor Success: Confidence and Concern in the New Digital Age, please visit http://www.pershing.com/success.
About Pershing
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 5.8 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Borse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
Methodology
Harris Poll conducted the online advisor survey on behalf of Pershing from April 14 – May 1, 2015 using sample from the Harris Poll Panel of Financial Advisors. A total of 350 interviews were conducted among the following groups:101 among RIAs (independent RIAs not working at a wirehouse or affiliated with a regional brokerage); 100 among wirehouse advisors (those working at wirehouses or regional brokerage firms); and 149 among other advisors (those working at insurance agencies, independent broker-dealers or banks). This online survey is not based on a probability sample, therefore, no estimate of theoretical sampling error can be calculated. A complete survey method, including weighting variables, is available upon request.
Contact:
Cassandra Osei
+1 551-222-5046
cassandra.osei@pershing.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/threat-or-opportunity-bny-mellons-pershing-study-finds-advisors-split-on-the-impact-of-robo-advisors-300093306.html
SOURCE BNY Mellon
Copyright 2015 PR Newswire
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