Digital trends in wealth management mean the traditional wealth advisor has a "narrow path forward to opportunity," according to Celent's latest report on the state of the industry.

"Advances in digital technology have empowered clients to expect omnichannel and flexible delivery of low-cost services across the preferred channel regardless of firm segmentation, with collaboration tools, reporting, and aggregation,” says Will Trout, a senior analyst with Celent’s Wealth Management practice and co-author of the report.

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