Robots Will Strike Asset Management Firms First

According to a new survey (PDF) from the CFA Institute, Wall Street is getting a bit worried about fintech replacing its jobs. The majority of respondents, which included more than 3,000 chartered financial analysts around the world, view asset management as the industry most at risk from disruption by financial technology. Fifty-four percent of respondents said the sector would feel the biggest changes, followed by banking, securities, and insurance. Robo-advisers, a low cost alternative to traditional financial advice, has garnered headlines recently as fees have come under increased scrutiny. According to remarks this week by Wall Street executives attending the Milken Institute Global Conference, the entire world of finance should fear job replacement.