The advisory industry is carefully weighing whether robo advisors jeopardize the existence of flesh-and-blood advisors and what, if anything, can be done to combat these interlopers.
“As robo advisors proliferate advisors need to work harder to show the value they provide compared to algorithms,” says Larry Luxenberg, managing partner and chief investment officer of Lexington Avenue Capital Management in New City, N.Y. “Most people would bristle at the notion that they are average but are comfortable turning their financial affairs over to a formula that treats them as average and doesn’t have in-depth knowledge of their situation.”
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