Banks Use Robo Advisors as Value Add in Wealth Management
Robo advisors were initially designed as tools that would eventually replace financial advisors but banks have found them to be a useful; tool to enhance the customer experience; “The digital tool drives growth,” Leonard Golub, Managing Director and Market Head for the UBS Wealth Advice Center, said to American Banker. “It allows financial advisers to give more holistic advice. They’re talking about broader issues for clients and that can translate into bringing outside assets into UBS.”; Robo advisors did change the way banks operate in the space as it forced them to adjust their tech and improve the customer experience to keep up; financial advisors now can take more time on higher touch work like sitting with clients to map out wealth roadmaps. Source.