When most people’s investment portfolios took a major hit following the 2008 subprime mortgage crisis, more than a few financial advisors wanted to send a robotic clone to tell clients their portfolios had lost value.

Robo-advisors are now doing much of what financial advisors do – just not the dirty work of course.

In the new digital wealth management world, technology has empowered the individual investor, who can now choose between discount brokers, robo-advisors and/or human advisors. Robo-advisors provide automated portfolio management services – investment goals and risk screening, asset allocation and portfolio rebalancing – all with little or no human intervention.

This same technology has also caught more than one human financial advisor with his pants down as investment advisory services have become much more transparent. Wealth Managers, for example, continue to charge annual fees of around 1% even when a large portion of investments are managed through index funds instead of actively. But rather than displace financial advisors, using this same technology to streamline their own businesses has allowed some professionals to zero-in on what they do best while providing more transparent, less expensive investment advisory services for clients.

Read more at Iris.xyz.