Technology has taken over almost every aspect of life, from eating to driving cars. While client interactions are the bread and butter of the advisory business, robo-advisors are muscling their way in. Fox Financial Planning Network has released a white paper that shows how advisors and firms will need to change in order to compete with these online investment platforms.

"The new, low-­cost competition from online advice platforms [is] providing the industry with a 'wake-up call' to evolve their firms," said Deborah Fox, CEO and founder of FFPN, in a press release.

"The good news is there is an incredible opportunity for firms to defend — and actually improve — their industry position by focusing on building efficient infrastructure that delivers a consistent and outstanding client service experience with well thought out systems, adoption of best-in-class technologies and clear pricing and client communications," Fox said.  "These are all the things firms should have already been working on; so if the robo- advisors serve as a catalyst for firms to get into gear to do what's necessary to evolve, more power to them."