Here's what financial advisers say is the most overhyped wealth tech, and what tools they think will actually help them in the next 5 years

• Financial advisers say robo advice is the most "over-hyped" technology in their industry, a survey found. That comes as low-cost robo and hybrid advice platforms have been growing assets in recent years.
• Meanwhile, advisers view customer-relationship management (CRM) software, video conferencing, and self-service portals as the most high-impact, under-rated technologies.
• The majority of the 2,500+ advisers surveyed by Greenwich Associates said they will spend more time communicating electronically with clients over the next five years.
• The results underscore the fast-changing world of wealth management technology that encompasses far more than robo-advice popularized by the likes of Wealthfront and Betterment.
• Visit BI Prime for more wealth management stories.

The array of options for both client- and adviser-facing wealth management-tech can be dizzying. The offerings can span the range from tools to help clients and advisers communicate better to robo-advisers that are seeking to eliminate the human touch entirely.

A new report from Greenwich Associates, a Connecticut-based financial services data and analytics firm, found 71% of the 2,580 financial advisers surveyed labeled robo-advisers and automated investing as over-hyped.

Meanwhile, advisers said that a handful of digital capabilities that garner less public attention are actually the most important.

They view customer relationship management (CRM) software, video-conferencing, and self-service portals as the most impactful, under-rated wealth technologies. Self-service portals include firms' digital offerings where client can access their accounts without consulting a representative.

"Each enables advisors to better service their clients regardless of what investment vehicles they use and whether or not they chose to use a robo advisor to handle asset allocation," authors Dan Connell and Brad Tingley wrote.

And over the next five years, 68% of advisers said they expect to spend more time communicating electronically with clients. Blockchain and social media were two other technologies advisers ranked as being the most over-hyped.

The results underscore the fast-changing world of wealth management technology that encompasses far more than the robo-advice popularized by the likes of Wealthfront and Betterment.

To be sure, the report noted that advisers are likely "inherently biased," given the service robo-advisers are looking to provide. Still, "the data continues to reflect that people in this equation cannot be replaced, only augmented by technology that can leave them more efficient and informed," the authors wrote.

Investors have committed billions of dollars in recent years to fund startups in the wealth-tech space. Global funding for wealth management-tech rebounded during the third quarter to $761 million after a slump earlier this year, according to data from CB Insights.

Meanwhile firms up the wealth management spectrum are adapting their technology offerings to serve new client needs. Morgan Stanley, the largest US wealth manager with nearly $2.6 trillion in client assets, last year rolled out a new platform for its 15,000-plus financial advisers called WealthDesk.

Andy Saperstein, the head of its wealth unit, said at an industry conference last week that the firm is turning to less experienced staffers to train up financial advisers on WealthDesk.

His comments highlighted not only the fast-changing relationship between advisers and technology, but in the generational gaps that come with implementing new tools.

Morgan Stanley is hardly alone in its ambitions to refresh its legacy tech systems. We first reported earlier this month that investment firm Neuberger Berman plans to roll out new adviser-client portals, a new mobile application, and a client data hub across the firm by the end of next year.

Other firms catering to high-net-worth clients are making digital strides for advisers and clients alike. The Swiss firm UBS, among the world's largest wealth managers with $2.5 trillion in client assets, is innovating for the well-heeled set in which it specializes.

John Mathews, who leads UBS's private-wealth management and ultra-high-net-worth business for the Americas, told us in August that he was exploring how the firm can utilize digital wealth capabilities for wealthier clients after seeing success in a collaboration with the robo-adviser SigFig for relatively smaller accounts.