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Adding a human touch to Robo Advisors

People prefer a “bionic” financial advisor who offers a low-cost, automated investing platform paired with patient, personal advice, according to a recent survey by the Financial Planning Association and Investopedia.

The Rise of the Robo-Advisors

There are many definitions of what exactly “robo-advisor” means. To put it simply, a robo-advisor is a method to automate the asset allocation of investments via a computer algorithm. In a broader sense, a robo-advisor may also include human financial advisors but only for services that require human assistance (e.g., taxes, retirement or estate planning).

Why Financial Advisors Should Consider a Robo Advisor

Most financial advisors and money managers are terrified of robo advisors. And frankly, if your job description consists of selling expensive mutual funds for a commission, you should be worried. Your business model has been slowly dying for decades, and low-cost robos are the final nail in the coffin.