The Rise of Robo Advisors
A number of firms, broker-dealers, and discount brokerages have implemented or are developing, acquiring, or studying the robo advisor platform as a viable solution for their clients and prospects. Smart money would suggest that robo advising is here to stay, though robos have yet to be tested through a significant market downturn.
Put me down as one who believes there will always be a need for highly personalized financial planning. Going forward, however, certain market niches may require an integrated robo advisor partnership, sometimes referred to as a “bionic advisor,” a blend of personal financial advisor and robo advice.