Bank leaders, including Morgan Stanley Chief Executive Officer James Gorman and Wells Fargo Chief Financial Officer John Shrewsberry, have said their firms must develop robo-advisors to complement their sales force.
Customers want both the slick technology and the ability to speak to a person, especially in volatile markets like now, Jay Welker, president of Wells Fargo’s private bank, said in an interview.
“Robo is a positive disruptor,” Welker said. “We think of robo in terms of serving multi-generational families.”