Robo advisory services have a place as an on-ramp to investing, Wells Fargo Advisors President Mary Mack said Tuesday.
“It’s another place for customers to interact with us,” she told the SIMFA annual conference in Washington, D.C.
Mack said seeking advice the robo way has a particular appeal to young adults who are online constantly and to a wide range of clients who seek advice on everything from health to purchases of consumers goods on the web.
While robo offerings are useful for many consumers, Mack said market volatility, low interest rates and retiring baby boomers make this a great time for full service advisors.
Advisors need to shift their mind-sets as boomers transition from accumulating wealth to spending and giving away assets, she noted.
“It’s an emotional shift [for customers]. You become a different kind of consultant to a client,” said Mack.