In the past few years, robo-advisory platforms gained a lot of traction in the world of financial planning. The first robo-advisory firms were launched in 2008 during the financial crisis with new company Betterment in the vanguard of the new trend. The robo-advisors became a new class of financial advisors who provided financial and investment advice online with little to no human interaction at a very low cost in comparison to traditional financial advice service provided by financial advisers. The allure of low cost and easy to use service became popular among a lot of people, especially among the young crowd who recently started on the career path and have not yet accumulated a lot of assets. At first, this new trend was not noticed much by financial advisors but with time more and more people turned their faces toward robo-advisors. By the end of 2015, robo-advisers from almost 100 companies around the globe were managing $60 billion assets of clients and it is estimated that it will hit $2 trillion by the end of 2020.Despite the fact that robo-advisory attracts a lot of new business and new fintech companies who offer robo-advisory services win new clients, the traditional advisory business with the human touch will not go away. Advisors will always be needed because there will be people who want to outsource work regardless of value for money. It is especially true for more wealthy clients who need a custom approach to their financial situation. Also, people with the diversified portfolio that includes traditional and non-traditional assets like privet equity, real estate, collectibles, luxury items, etc. will continue to have a need in the financial professionals. Sucha clients will not blink at 1% in the management fee if the benefits will provide them with the peace of mind and well designed financial plan.Also, the financial advisory firms can offer a lot of customization in the service starting from selecting a good prospect by qualifying them with a lengthy screening process as the Three Bridge Wealth Advisors does which works with self-made and young high-net-worth entrepreneurs. Then providing them with multiple specialized services like private career coaching, medical care, access to employment legal counsel. Detailed screening and hands-on practice allow the company to have the maximum impact in building long term relationship with clients.Advisory firms can offer diversity for maximum client appeal. For example, some firms evenly split gender-wise and hire young female CFPs to prepare for growth in the future. With more gender equality in the workforce, females take key positions in the companies which make them perfect prospects for financial planning. Accommodating their preferences will play an important role in the growing financial advisory business. Another high touch custom approach advisors can provide is diverse communication options. It has been proven that mobile conversations are more engaging and much appreciated by clients because they feel a direct connection with their advisor.A simple phone call with the adviser can go a long way. When someone needs advice or assurance no robo-advisor can substitute a human experience. There is no doubt that those clients are not looking only for good and affordable service but for a nice relationship with their wealth.
