Earlier this month, Personal Capital, the financial software and online wealth management company, shared this on Twitter:
That’s right. They now manage over 1 Billion in client investments.
Last week, I saw a handful of online ads for robo-advisors as I read through articles on Forbes, Fast Company, and The Wall Street Journal.
Ads like this:
What Does This Mean For You?
It means your competition is not limited to flesh and blood.
The robo-advisor is here.
- Managing investment accounts.
- Helping clients mitigate risk.
- And making it all hassle-free.
In short, a robo-advisor is a lot like you…but at a fraction of the cost. And in many cases, FREE.
But is this true? Is this as threatening as it sounds?
Have you been outwitted and outsmarted by a machine?
Will you be ousted by a computer?
That depends on how well you do the things that algorithms can’t.
The following is from my book, Adapt or Die,
…keep in mind that robo-advisors simply cannot handle complex personal situations that don’t lend themselves easily to numbers in a spreadsheet.
Never forget that when you focus on building relationships, providing WOW experiences and exceptional service, you’ll be giving the robo-advisors a run for their money.
Back to Adapt or Die:
Let’s say a client is worth $5 million and he’s stepping out on his wife. How does she get the most alimony, or her fair share of the estate? Divorce wealth-planning services can be very lucrative.
Or what about a client who has a child with a terrible drug problem? What about complex estate planning situations? Business evaluation services? Helping small business owners raise capital? Creating special strategies for gifting and philanthropy for ultra-high-net-worth individuals? Multigenerational planning?
These are niche services that advisors can provide, and they insulate you from competition from online platforms, because these things are simply too complex.
The message is this:
It’s not over for you, but you can’t ignore how technology is changing the industry.
Don’t fall asleep on this.
Continue to build your business by focusing on what you can do better than any piece of software ever could…being human.
Seven Reasons You Need More Than a Robo-Advisor
Show prospects and clients why they need more than a free app or online platform to achieve their goals and dreams. Use this brochure to show how choosing YOU actually provides an advantage.
Download and start using it today.
Not a Platinum member?
Download up to 3 items (including Seven Reasons You Need More Than a Robo-Advisor) from our extensive content library, and receive a customized action plan. All for free!
Get Started for FREE