Robo advisors have raised hundreds of millions of dollars in funding and are getting incredible media attention. They have built fantastic, highly usable interfaces and will no doubt change the advice industry (in fact, they already have).
However, when asked about the potential problems with online portfolio management platforms in Scottrade's 2014 advisor survey, advisors focused on the mechanized method of client interaction as the chink in the robo armor. Eighty percent of advisors say the robos biggest weakness is lack of human interaction and 46% say that lack of service plays a role.
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