Steven Miyao, president of the research and consulting firm DST kasina, “definitely” thinks so.
“The biggest concern that the industry has is that Google or Apple decides to come into the financial services business,” Miyao told ThinkAdvisor. “They have the technology to do it. They have the relationship with the individual investor. They have to-date decided not to do that for multiple reasons, but that’s really the biggest fear for them to come in and say, ‘We’ll start a broker-dealer. We’ll start a robo-advisor.’”
Despite these trends that are “very apparent,” people don’t react to them because of short-term results. What the established players in the financial services industry are going to have to figure out is how they can make investing and financial advice a lot easier.