When the first robo advisors appeared a few years ago, they seemed intent on cutting traditional advisors out of the equation. Their goal was to bring basic financial planning and investment management services directly to consumers through the Internet at a low cost.
Members of the advisor community typically had one of two reactions to these intruders. Either they dismissed them or they feared them. Those who dismissed them focused on their long-standing, traditional offering and the fact that they appeared to be targeting smaller accounts and younger generations with little to invest. On the other hand, those who feared them were advisors who had relied too long on their own plain vanilla offering and felt threatened by the robo’s low cost.
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