Globe & Mail
January 9, 2023.
The rise of robo-advisors over the past decade may have some investors questioning whether they still need to seek out a wealth advisor. While robo-advisors are cost-effective and easy to use, can these services meet all of an investor’s needs? And where does it leave human advisors?
For many young investors or those who are just starting their investment journey, robo-advisors can be an affordable way of managing their savings. They’re automated algorithms that provide investment services with little to no human interaction. They build and adjust a portfolio of investments automatically based on questionnaires clients have completed.
While robo-advisors can have the advantage of lower costs, they fall short when an investor’s needs become more complex. As investors grow and age, they typically seek out more holistic advice.
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