XY Planning Network
Why Financial Planners Should Embrace Robo Advisors
By Andrew Mohrmann
If you’re in the financial services industry, chances are you are well aware of the robo advisor emergence over the past 5 years. Many have lamented this as a disruptive technology, poised to put tens of thousands of financial consultants, wealth managers, financial planners or any other title for a living, breathing advisor out of business.
Case in point: this recent WealthManagement.com article cites that 76% of advisors view online advice — and robo advisors — as a threat to their practice.
I’m simply not buying it. Instead, I feel that these technologies will only augment my ability to provide my clients with objective, transparent and comprehensive financial planning. As I developed Modern Dollar Planning earlier this year, I chose to partner with Betterment Institutional to manage my clients’ assets.