Financial Advisor: Surprise! Advisors Using Robos for Older, Affluent Clients
Financial Advisor Magazine reports that advisors are using robos for their older, affluent clients. Many in the financial industry assume robos are used for younger, less affluent investors. However, Jefferson National’s new Advisor Authority study turns this popular assumption inside out.
In his article entitled “Surprise! Advisors Using Robos for Older, Affluent Clients,” editor Chris Robbins quotes Jefferson National CEO Mitch Caplan:
“If you look at the technology, it’s being adopted by the mass affluent, our latest study shows that 52 percent use robos for clients with more than $1 million in investable assets—and that boomer clients were as likely to be engaged with robos as millennials.”
“None of this surprises me,” Mitch said. He predicts that the successful model is going to be “a melding of human interaction with a digital experience.”
Mitch concludes, “Advisors are coming to the realization that if they don’t embrace technology, then they are putting themselves at risk. I think the space is right for change and transformation, and whoever gets it right will find out how personal capital and technology intersect.”