Which statements about the evolution of the role of financial advisors are correct?

The evolution of the role of financial advisors has been marked by a number of significant changes reflecting broader trends in the financial landscape, regulatory environment, and client expectations.

The first statement highlights a critical aspect: financial advisors have typically shifted from being primarily transaction-oriented to becoming more relationship-oriented. This transformation focuses on offering personalized financial planning and comprehensive advice, rather than merely executing buy and sell orders. This change is significant because it aligns with clients' increasing desire for holistic financial guidance that encompasses their entire financial situation rather than isolated transactions.

The second statement typically points towards an increased emphasis on fiduciary responsibility — financial advisors are more frequently expected to act in the best interest of their clients, ensuring that the advice and services provided not only meet regulatory standards but also uphold ethical considerations and build trust with clients. This shift further enhances the advisor’s role as a trusted partner in their client's financial journey.

The third statement often mentions the growing importance of technology in the advisory space. The advent of robo-advisors and digital tools has changed how financial services are delivered, allowing advisors to enhance their services with data analytics, financial modeling, and client engagement platforms. This evolution means that advisors must now balance technological proficiency with their personal touch, adapting to these advancements to better serve their