Move over robos; cyborgs have arrived

Forget robo-advisors; think cyborgs instead.

Read: Time for advisors and robos to declare a truce

At least, that’s what Michael Kitces, director of wealth management at Pinnacle Advisory Group in Washington, D.C., calls human advisors who use technology, reports Financial Post. Cyborgs will be the ultimate winners of evolving advisory services, Kitces reportedly said at last week’s Morningstar investment conference in Chicago.

Read: Even this OSC director uses a robo-advisor

Financial Post says Kitces finds using technology means advisors can more easily help clients “navigate uncertainty” and “explore alternatives,” as they think through complex problems.

Read: ‘We’re not replacing advisors with robots’: National Bank on Nest Wealth deal

A U.S. expert weighs in on the fiduciary standard in the Financial Post article, saying cyborgs and robos build the rule into their designs, putting pressure on the industry to follow suite.

Read the full article.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.