How advisers can use online advice platforms to beat robo-advisers

  • Published: November 15, 2013
  • Runtime: 1:26
Neesha Hathi of Schwab Advisor Services on how advisers can fend off the rise of the robo-adviser by using these online advice platforms with their clients.

Exclusive coverage of Charles Schwab's IMPACT 2013 conference from November 10-13 in Washington, D.C.

There is really an interesting development around robo-advisers or online advisories and how they're, you know, a threat to the industry. And actually, I think what we're-- what we're seeing is while advisers do look at that and say, that's gonna be their competition, I think the real opportunity here is using that technology, not having it replaced the human relationships but leveraging it in the client relationships. So, imagine having a facilitated model where you can actually, with your client, use that technology to interactively show what happens to performance or what happens to their progress towards a goal by using that technology dynamically with the client. And it really enhances the client experience versus taking away and replacing the adviser. The online model is really compelling, and it's not just compelling for small accounts, right? You know, there are a lot of online advisers that are really starting to become successful dealing with larger households. So there really is something that you have to think about as a competitive threat, and I think they're all starting to think about it that way, but I think the opportunity here is to really think about how do I leverage that same technology because my clients' expectations are now, all of a sudden, that financial services firms can deliver this like that, and so, if they're gonna be able to deliver that quickly, I, as the adviser, as the RIA, need to be able to deliver it that quickly as well, but I have the added benefit of the human connection, and I can bring that technology in to make that better.

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