Why I find the term 'robo-advisor' objectionable and unhelpful

Robo-advisor in this case can mean advisors that specialize in $75,000 accounts. That is the average account size at the robo-advisors.

If Robo Advisors actually rendered continuous comprehensive individualized advice they would be advisors in fact, but they don’t. It is not because the data can not be managed individually and continuously, it is because the needs of the client are unpredictable and infinite which require a human. There is a difference between technology and advice, the difference is expert prudent process which explains portfolio construction and continuous, comprehensive counsel that can not be mechanized.

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Consumers today like the tech+human world we live in. The world has changed, and our industry is too staid. For many investors the on line option is a great way to enter the investment world. And even older, wealthy clients often want a more collaborative, engaging and interactive experience that includes digital and social tools. Both channels, not either or. I agree with you on this one Brooke – there’s a lot of wishful thinking out there from people who fear change. Takes courage to imagine a whole new way.

Using my crystal ball, there may be three types of advisory services (not advisors) in the future that vary by service levels and fees: The 25 bps service, 65 bps service, and 100 bps service. You get the algorithms of the “robo” service running your money for 25 bps (no personal contact; it is an algorithm). You get the Internet advisor for 65 bps who includes personal contact, but it is limited to telephone, email, and video. And, for 100 bps you get the face-to-face advisor, the traditional model preferred by Wall Street’s powerful sales culture. There is no selling in the “robo” model. There is limited selling in the Internet model. There is substantial selling and competition in the face-to-face model. Younger investors with smaller asset amounts may prefer the 25 bps or 65 bps service models. Older investors, with more money, will pay higher fees for a more personal service level. The more choices investors have the more pressure there will be to deliver value-added services that justify the expense. Commission reps, who dominate the under $100,000 market, well be impacted the most.

This video is a perfect example of why I agree with you on the objectionable term.

http://www.roboadv.com/GenericPURL/Video

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