The value advisors place on the personal touch may explain their neutral to negative attitude toward robo advisors. Most respondents (81%) do not currently offer robo advice, and more than half (60%) have no plans to offer it in the future. Those who already offer the service or plan to do so generally believe it will help them remain competitive and attract new client segments, such as millennials.
The most popular tools respondents cite for competing with robo advice offerings are highlighting their existing value-added services and beefing up their client communication and interaction. The evident importance of these traits throughout the other aspects of advisors’ practices may explain the technology’s lack of perceived impact.