Over the past few years Robo Advisors have become more prevalent, prompting many investors to ask themselves: "Is a Robo Advisor right for me?" However, the question you should ask yourself has less to do with the technology available and more to do with what you expect from an investment experience.
Robo Advisors calibrate a Portfolio to, theoretically, match your risk tolerance - providing some form of electronic oversight. Investors seeking low cost, low involvement investment management or those just beginning to invest feel this is a way to begin to engage in an more actionable way.
Where these tools often fall short is in tailoring solutions to your unique vision of success. Top Financial Advisors almost always embody excellent listening skills - it begins with what matters to you, not what demographic you may fit into. They ask relevant questions that focus on the area of planning requiring attention immediately as well as your "big picture" goals. Through this process, Financial Advisors develop the ability to uncover niche opportunities for clients that a Robo Advisor isn't set up to assess.
And, while Robo Advisors may be able to service investors in smooth economic times, where they can be lackluster or even harmful is in times of economic uncertainty or market volatility. Investors cannot pick up the phone and discuss the potential effects of decisions from a short, mid or long-term perspective. Investors, in these situations, are often left feeling that they are on their own.
At WealthPlan Partners we continually endeavor to upgrade our technology tools and platforms in order to augment the Planner/Client experience while maintaining the personalized touch. In the past two years we have made significant commitments to building our Wealth Management System - allowing Clients to connect to the status of their wealth as well as all matters surrounding their comprehensive plan. Our most recent initiative involves the development of low-cost, institutionally-managed portfolios that can compete in the Robo space while providing the relationship to offer the additional benefits of our comprehensive planning model where desired. Our goal is to offer the comprehensive approach of our team while maintaining an unparalleled level of service for our clients first, last and always.