Robo-Advisors are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision.
A Robo-Advisor collects information from clients about their financial situation and future goals through an online survey, and then uses the data to offer advice and/or automatically invest client assets.
The main advantage of Robo-Advisors is that they are low-cost alternatives to traditional advisors.
By eliminating human labor, online platforms can offer the same services at a fraction of the cost.
Robo-Advisors are also more accessible.
They are available 24/7 as long as the user has an Internet connection.