Throughout the company’s annual Advisor Summit in Chicago this week, Envestnet executives urged advisors to embrace automated programs developed by the robo-advisors rather than fear and reject them.

“Most advisors have a digital divide that separates their practice from a more complete engagement from their investors,” said Jud Bergman, Envestnet’s chairman and CEO, during his opening remarks on Wednesday. “I believe that there is no industry on Earth more conducive for leveraging digital technology than our own wealth management business.”

According to Bergman, 60 percent of clients want video chat instead of face-to-face communication, but fewer than 20 percent of firms can provide it. Sixty percent of investors want their advisor to provide online recommendations and portfolio analysis, but only 12 percent actually do.

See the full story in WealthManagement.com