Macro-level industry changes are forcing investment advisors to rethink their business strategies. Chief among these changes is the commoditization of investment management. Traditional advisory services that used to be highly valued by clients – asset allocation, investment selection, buy-and-hold strategies – can now be performed by technology, with fees correspondingly declining to zero. According to Statista, assets managed by low-cost robo advisors reached just under $1 trillion in 2019 and are projected to hit $2.6 trillion by 2023, 1 remarkable growth from a category that didn’t exist seven years ago. Consumer expectations are changing to reflect the rapid changes throughout the investment management industry. From technology to tightened research budgets to

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