Three Things an Advisor Does That a Robo Can’t
November 9, 2017 | David Lyon | Wealth Management
The robo advisory market no longer consists of only startups. Some of the largest players in the wealth management industry, including TIAA, Bank of America Merrill Lynch, Fidelity Investments, Raymond James, and Charles Schwab, have launched robo offerings to appeal to millennials and other investors who prefer a self-directed approach.
However, in spite of their growth, automated advice and digital platforms still hold a very small share of the advice market. Our industry survey found that only about 4 percent of mass affluent and high-net-worth individuals use an automated investing or robo advice tool.
The robo field may be more crowded in 2017 than in past years, but at the end of the day, robos will never be able to replicate the core benefits of working with an advisor, regardless of ongoing technology enhancements.
