Summary: The advent of automated asset-allocation technologies – the so-called robos – and a generally stricter regulatory regime mean wealth firms will soon need to staff themselves with financial therapists more than investment advisors, according to consulting giant Ernst & Young.
 Wealth managers can no longer view data, analytics, security and engaging applications as ‘nice to have’ features. They must provide customers with applications available across devices with content parity in order to compete with up-and-coming tech firms who are gathering assets away from the traditional model.”John Bird, vice president of product marketing, Envestnet’s Yodlee unit
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