Are robo-advisors going to replace their human counterparts?
There is an emotional side to financial planning, a connection between advisor and client that robo-advisors can simply not duplicate. Life events like weddings, health issues, divorce, and retirement are among the specific situations where a client might need precise financial advice and assistance from another human. Fees for human advisors will most likely come down in the face of robo competition, but their advice, expertise and ability to deal with specific scenarios empathetically will still command a premium.
For more on robo-advisory services, please check out our new article tomorrow.