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Voice Assistants Aren't Going Away

And advisors should be excited about that.

Although Alexa is the market leader in smart speakers, the use of voice assistants is set to explode across a range of devices, according to TechCrunch. The majority of the expected 8 billion digital voice assistants that will be in use by 2023 will live on smartphones. There were 2.5 billion assistants in use at the end of 2018.

Citing a report from U.K.-based Juniper Research, TechCrunch noted that smart TVs will actually be the new growth category for voice assistant. Those devices will be crucial to providing a "visual context that is lacking in smart speakers," said Juniper research author James Moar, in a statement.

The rise of smart TVs is a development that could be helpful for financial advisors establishing relationships with clients. As clients and advisors grow more familiar with virtual meetings, advisors won't be constrained by geography. In fact, TD Ameritrade Institutional is already experimenting with using video-conferencing technology, like Apple's FaceTime, so that advisors can meet virtually with clients, said Dani Fava, director of institutional product strategy and development at the firm. 

The report also noted that a rise in digital assistants could lead to a drop in mobile apps as voice-only interactions become more popular. Advisors and tech providers who have set up apps may soon find they need to skate, once again, to where the puck will be.

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