The distinctions between financial planners, RIAs, brokerage representatives and asset managers also tend to be blurred by wealthy investors, according to Spectrem’s research.

McBreen says there’s also uncertainty among consumers as to what defines a robo-advisor.

“We’ve found that some people who think they’re using a robo-advisor aren’t actually using one,” McBreen said. ”A lot of these people are in managed solutions or target-date funds. They’re using digital solutions in their every day life and for their retirement plans, but not necessarily robo-advisors.”

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