The rise of robo-advisors and digital wealth management platforms has brought significant changes to the investment adviser industry over the past decade. As more investors seek convenient and low-cost solutions for managing their money online, the demand for financial advisors who embrace technology has grown exponentially. This article explores how the internet and new innovations like artificial intelligence are reshaping the jobs and skillsets required of investment advisers today.
The growth of robo-advisors creates new digital wealth management roles
Robo-advisors like Betterment and Wealthfront pioneered the automated investment management space, using algorithms and digital platforms to provide financial advice and portfolio management at a fraction of the cost of traditional human advisors. While some predicted this would make human advisers obsolete, robo-advisors have actually created new specialized roles for tech-focused advisers. Investment adviser jobs at robo-advisors require skills like:
– Experience with building digital platforms and apps
– Data analysis and financial modeling using the latest AI and machine learning tech
– Expertise in investing and financial planning principles to program robo-advisor algorithms
– Strong communication skills to educate clients on robo-advisor functionality and services
These skills allow advisers to bridge the gap between cutting-edge technology and human-centered financial advice. Top robo-advisor firms now blend automated services with human specialists to serve clients.
Traditional investment advisory firms adopt fintech to stay competitive
Incumbent financial advisory companies face growing competition from automated, low-cost rivals. To adapt, many are recruiting investment advisers with technical skills to help integrate digital capabilities. Advisers at traditional firms increasingly need expertise in:
– Developing online client portals, mobile apps and other digital interfaces
– Analyzing client data and financial metrics using Big Data and AI
– Selecting and implementing third-party fintech tools to boost efficiency
– Training colleagues on new tech platforms and processes
Bringing these capabilities in-house allows traditional advisers to deliver tech-enhanced services on par with robo-advisor experiences. Some progressive firms have tech-focused departments or partner with fintechs to offer hybrid digital/human wealth management.
Social media creates opportunities for ‘finfluencers’
Social platforms like YouTube, Instagram and TikTok have given rise to ‘finfluencers’ – investment advisers who build audiences by creating engaging social content about money and markets. Top finfluencers attract millions of followers, establishing their credibility and trustworthiness. Their content blends educational and entertaining formats, often simplified for novice investors. To succeed as a finfluencer, investment advisers need strengths in:
– Producing interesting videos, images, infographics and written posts
– Understanding social platform algorithms and growth hacking techniques
– Relating complex financial topics to everyday investors
– Turning followers into clients for affiliated financial services
Finf luencers exemplify how investment advisers must creatively use technology and new media alongside traditional advisory capabilities. Their influence reshapes public investing habits – especially among younger demographics.
The internet and technology have rapidly expanded the scope of investment adviser jobs. While human insight remains vital, advisers must continuously adopt innovations like robo-advisors, AI analytics, social media and more to stay competitive. Combining financial expertise with technical fluency is now an imperative across the asset and wealth management field.