Technology is often a catalyst for driving economic change and disruption, and the financial planning industry is no exception.

Moving beyond the ability to manage and view one's banking and brokerage accounts online, investors are now able to use new technology, in the form of "robo-advisors," that offer inexpensive financial advice.

The concept behind robo-advisors is straightforward: people do not always have time to meet with financial advisors and don't always have the means to pay the costs associated with professional management. For a small fee, investors can utilize a specialized computer program to handle their financial planning.