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INVEST West 2020

Tech Survey 2020: Tools with the biggest jump in adoption

By Ryan W. Neal
About Ryan W.
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Published May 31, 2020 6:00 PM
|
Updated May 28, 2021 10:30 AM
1 Min Read

One surprise in our most recent Financial Planning Tech Survey was offset by another: Advisors' use of financial planning technology has dropped, according to the latest data. But some formerly fringe tools are getting more widespread adoption.

One year ago, only 4% of advisors told us they used chatbots. In 2020, the number leapt to 44%. The popularity of online model marketplaces, multi-functional platforms and social media management tools also saw large increases.

Tech Survey
Tech Survey 2020: Advisors losing faith in planning software
May 31, 2020 6:00 PM

Digital advice racked up the largest year-over-year increase in adoption. Only 11% of advisors said in 2019's survey that they used a robo advisor, 60% say they use one now.

More highlights from Financial Planning’s 2020 Tech Survey follow:

Methodology: The 2020 Financial Planning Tech Survey is based on the responses of 225 financial advisors. The survey was fielded online from March 31, 2020, to April 13, 2020. Note: The sum percentages may now equal 100% due to rounding.

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Ryan W. Neal
Technology Editor
Originally from Northern California, Ryan received bachelor's degrees in English and philosophy at UC Santa Barbara before beginning a career in... Read full bio
INVEST West 2020 Fintech Financial planning Robo advisors Artificial intelligence Automated investing RIAs Software integration Social media Digital Transformation Coronavirus
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