Robo advisors

Much of the industry animus toward robo advisors, writes veteran fintech analyst Davis Janowski, is rooted in frustration, envy, and fear.

The fresh funding demonstrates the support behind the concept of simple apps that help consumers save and invest.

When the product was announced a number of customers took to social media to voice questions and concerns.

Listen up, advisors — chatbots are talking their way into wealth management. Some see them as part of a low-cost, entirely automated option that commoditizes financial advice even further.

The hiring plans coincide with the firm's rollout of its digital advice offering, UBS Advice Advantage, which is offered through its call center.

By focusing on the relationship, RIAs can outdo automated investors — and charge accordingly, says CEO Joe Duran.

The WiseBanyan platform currently has $153 million in assets under management and 32,000 clients.

BMO Wealth Management aims to modernize its investment service and give planners better equipment. Others offering automated advice solutions include UBS, Wells Fargo and JPMorgan.

Bill Capuzzi has had a first-hand view of wealth management’s disruption. He details the key innovations winners will bring to the industry.

IBDs and regional firms are making the biggest changes, but RIAs have room for growth as well.