The rise of Betterment, Wealthfront and other “robo-advisors” has disrupted the financial advisory business. Many millennials are eschewing traditional financial advisors in favor of algorithmic, low-cost alternatives to managing their money.
As Baby Boomers continue to age, the trillions of dollars in wealth they’ve accumulated will flow down to younger generations. Are financial advisors concerned about losing clients amidst the increased competition from robo-advisors? What advice would they give to a young financial advisor who’s just getting started in the industry? What does the future hold for financial advisors?
I asked these questions to the following group of experts:
- Ed Snyder, Co-Founder of Oaktree Financial Advisors in Carmel, Indiana