I speak with advisors on a regular basis about the services they offer to clients. Recently, I was approached at a conference by a successful advisor who asked for advice on which robo advisor he should adopt. I responded by asking him what he wanted to accomplish with the robo. He looked at me for what seemed like 30 minutes. Scratching his head, he said, “I just feel like I need to offer a digital solution because I don’t want to be left behind by the competition.”

I suspect he’s not alone. He, like many of us, are constantly bombarded with articles discussing the rise of robo advisors and how advisors can benefit from them. The greater challenge is to not jump in and start using technology without first determining what you want to accomplish with the software.

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