Digital wealth managers, also called robo-advisors, emerged after the 2008 crisis as fintechs aimed to simplify and democratize wealth management services with technology-first solutions. And while these robo-advisors changed the wealth management game by offering such services for a lower fee, many players have chosen to maintain a human aspect within their offerings. Known as the hybrid robo-advisor model, this approach intertwines technology and human touch.
Our outreach process involved interviews across three providers—Charles Schwab, TD Ameritrade, and BlackRock—in September 2020, while Vanguard's profile is based on desk research due to interviewee unavailability. Interview quotes have been lightly edited for clarity.
Hybrid robo-advisors can cut costs along the value chain using technology, which means they can be offered at a lower price and potentially lure in younger users who can be upsold later. Charles Schwab, TD Ameritrade, Vanguard, and BlackRock all launched hybrid robo-advisors, and they're successfully combining human input with advanced technology to offer their clients tailored services. Explains how the coronavirus pandemic has impacted the sector, and provides recommendations what companies can do to navigate the crisis.
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