The proliferation of so-called robo advisors is altering the competitive landscape. But because robos are not typically involved in more personal aspects of wealth management, advisors can expand their firms to include financial planning services as a way to competitively differentiate.
However, in order to construct a viable financial plan, an advisor must have a comprehensive understanding of the client’s total assets and resources. It doesn’t necessarily mean that the advisor has to manage them all, but she should have a complete picture of the client’s financial life, and data aggregation allows that to occur.
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