Regulations will have the biggest impact on the advice industry over the next three to five years, according to a newly released poll of advisors by CoreData Research.
The online poll of 218 U.S. advisors was taken in November 2019 and found more than half (53%) believe regulation will have a "severe impact" on their industry over the next three to 5 years. This is followed by demographic change (50%) and technological innovation (49%).
U.S. advisors recognize that regulation, demographics and technological innovation "are structural changes that will reshape the advice industry in the years to come," said Craig Phillips, head of International, CoreData Research, in a statement announcing the findings.
About four in 10 advisors say the low yield/low return environment (44%), geopolitical risk (44%) and fee compression (41%) will have a severe impact.
More than a third think volatility (39%) and the macroeconomic environment (35%) will significantly affect the industry.
Robo-advice/fintech (20%) and M&A/consolidation (10%) garnered fewer votes.
