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Of the 9% who do (and the 18% who plan on it sometime in the future), two-thirds say they offer the service to be competitive. Robo-advice is used by 63% of these advisors to attract Millennial clients and by 50% to broaden the range of services offered by their firm.
Many advisors (49%) don’t view the rise of robos as having any impact on their business. A third see the trend as an opportunity, while 18% view robos as a threat. Whether robos are a threat or an opportunity, advisors tend to agree on the best ways to compete against the rise of these automated, online services: highlight value-added services (60%) and increase client communication and interactions (45%). The latter step aligns with—and may in fact be a cause of—the emphasis on a personal approach to marketing and communication outlined in the responses earlier in the survey.