Wells Fargo To Use 'Robo-Advisers'

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What's the old joke about investment advisers? If they were any good at their job, they wouldn't still be working for a living. That said, would you take investment advice from a robot? Think about that for a minute. Yikes! :eek:

"As we continue to invest in technology that serves the evolving needs of our clients and our advisors, this offering will mark an important step forward in delivering financial advice to the next generation of investors, while building a long-term pipeline for our full-service business," said David Carroll, head of wealth and investment management at Wells Fargo.
 
Nothing new in the industry. Lots of advisors are essentially just relaying information garnered from an algorithm to begin with. There is still a human element involved for comprehensive plans and advice, but this just automates certain processes that were relays before.
 
Domingo said:
Nothing new in the industry. Lots of advisors are essentially just relaying information garnered from an algorithm to begin with. There is still a human element involved for comprehensive plans and advice, but this just automates certain processes that were relays before.
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This is correct. It is also to appeal to younger customers so that these kinds of firms stay relevant to the all ages of the population.
 
Unfortunately, the markets are run by algorithms. Will investment advice from a 'robo-advisor' help? I don't think so because it will be difficult to gauge what the robot really knows.
 
I opened an account with Wealthfront a little over a year ago. It's done well for me and I don't have to mess with it and the fees are stupid low. I wonder if wells fargo will still charge their normal rates
 
I'd be far more interested in this if it weren't Wells Fargo. I've no desire to do any business with them on anything.
 
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