{"id":4787,"date":"2019-06-11T11:32:38","date_gmt":"2019-06-11T11:32:38","guid":{"rendered":"https:\/\/investingcounterpoint.com\/?p=4787"},"modified":"2019-09-05T13:33:18","modified_gmt":"2019-09-05T18:33:18","slug":"robo-vs-advisor","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/robo-vs-advisor\/","title":{"rendered":"Robo vs. Advisor"},"content":{"rendered":"\r\n\r\n \r\n\r\n \r\n\r\n\"robo-advisory<\/a>\r\n\r\n \r\n\r\nIn the past few years, robo-advisory\u00a0platforms gained a lot of traction in the world of financial planning. The\r\nfirst robo-advisory firms were launched in 2008 during the financial crisis\r\nwith new company Betterment in the vanguard of the new trend. The robo-advisors\r\nbecame a new class of financial advisors who provided financial and investment\r\nadvice online with little to no human interaction at a very low cost in\r\ncomparison to traditional financial advice service provided by financial\r\nadvisers. The allure of low cost and easy to use service became popular among a\r\nlot of people, especially among the young crowd who recently started on the\r\ncareer path and have not yet accumulated a lot of assets. At first, this new trend\r\nwas not noticed much by financial advisors but with time more and more people\r\nturned their faces toward robo-advisors. By the end of 2015, robo-advisers from\r\nalmost 100 companies around the globe were managing $60 billion assets of\r\nclients and it is estimated that it will hit $2 trillion by the end of 2020.\r\n\r\n\r\n\r\n\r\n\r\nDespite the fact that robo-advisory\r\nattracts a lot of new business and new fintech companies who offer\r\nrobo-advisory services win new clients, the traditional advisory business with\r\nthe human touch will not go away. Advisors will always be needed because there\r\nwill be people who want to outsource work regardless of value for money. It is\r\nespecially true for more wealthy clients who need a custom approach to their\r\nfinancial situation. Also, people with the diversified portfolio that includes\r\ntraditional and non-traditional assets like privet equity, real estate,\r\ncollectibles, luxury items, etc. will continue to have a need in the financial\r\nprofessionals. Sucha clients will not blink at 1% in the management fee if the\r\nbenefits will provide them with the peace of mind and well designed financial\r\nplan.\r\n\r\n\r\n\r\n\r\n\r\nAlso, the financial advisory firms can\r\noffer a lot of customization in the service starting from selecting a good\r\nprospect by qualifying them with a lengthy screening process as the Three\r\nBridge Wealth Advisors does which works with self-made and young high-net-worth\r\nentrepreneurs. Then providing them with multiple specialized services like\r\nprivate career coaching, medical care, access to employment legal counsel.\r\nDetailed screening and hands-on practice allow the company to have the maximum\r\nimpact in building long term relationship with clients.\r\n\r\n\r\n\r\n\r\n\r\nAdvisory firms can offer diversity for\r\nmaximum client appeal. For example, some firms evenly split gender-wise and\r\nhire young female CFPs to prepare for growth in the future. With more gender equality\r\nin the workforce, females take key positions in the companies which make them\r\nperfect prospects for financial planning. Accommodating their preferences will\r\nplay an important role in the growing financial advisory business. Another high\r\ntouch custom approach advisors can provide is diverse communication options. It\r\nhas been proven that mobile conversations are more engaging and much\r\nappreciated by clients because they feel a direct connection with their advisor.\r\n\r\n\r\n\r\n\r\n\r\nA simple phone call with the adviser can go\r\na long way. When someone needs advice or assurance no robo-advisor can\r\nsubstitute a human experience. There is no doubt that those clients are not\r\nlooking only for good and affordable service but for a nice relationship with\r\ntheir wealth.\r\n\r\n\r\n\r\n\r\n
\"\"<\/a><\/figure>\r\n","protected":false},"excerpt":{"rendered":"

      In the past few years, robo-advisory\u00a0platforms 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… <\/p>\n

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