Are Your Client Relationships Robo-Proof?

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By Peggy Mengel

Maybe the real question is “Do they need to be?”

Rather than feeling threatened by robo-advisors, many advisors feel the two worlds can peacefully co-exist. In fact, some advisors are using this “disrupter” as an opportunity to refine their business model.

How do clients feel about this subject? The “Generations Apart” study released in February 2016 by Allianz shows that 69% of both Baby Boomers and Gen Xers say they do not trust online financial advice.

And yet 46 percent of Gen Xers and 24 percent of Baby Boomers say they have some interest in exploring robo-advisors. Only 10 percent of both groups say they would be comfortable having their relationship with their financial advisor exist entirely online.

But before considering whether to do financial planning online, your clients (or prospects) need to ask themselves three important questions. Do they have the three “T’s”?

  • Time
  • Talent
  • Temperament

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