1. Robo-advice is…
automated, algorithm-based financial advice given through an online tool, with or without the use of human financial planners. Robo-advice tools are either accessed directly by clients or used by human advisers to assist them in the provision of financial advice.
2. Robo-advisers are more sophisticated, stand alone digital advice tools.
Robo-advisers are more than simple financial planning tools and online calculators, which collect limited information to generate advice. Robo-advisers now consider more complex data inputs, for example, they may assess investors’ risk profiles and recommend investment portfolios.
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