A prospect suggests they’d prefer to stay with a robo-advisor because that’s all they know / have experience with to date.
Aside from demonstrating your value-add, what other reasons would/do you share to politely counter their position?

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Nothing. They aren’t prospects.

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Tell them to call the robo and get it’s advice on what they should do.

likefunny

My most important responsibilities are to take the fear, stress and emotion out of investing for my clients. Mr, Prospect, if you feel confident that your robo-advisor is going to give you peace of mind the next time the market drops 9,000 points then you are probably with the right company for you already. You must have nerves of steel. I spent about 5 weeks calling every client and reminding them that everything was going to be ok, that I built their portfolios knowing we would see bear markets in the future. I reminded them that there accounts weren’t going down to $0 as long as people still bought diapers, shampoo & Coca Cola. How did you feel when you saw your March 31st account statement? What explanation and advice did your robo-advisor give you in late February and March when things were looking so grim?

likeuplifting

Tell them to stay with the Robo. That’s not somebody you want as a client

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I think robos can be tough to compete with on certain clients, but I would want to have an immediate example of something that may affect them that a human would catch.

Maybe it's tax planning, or social security, or saving strategies. If it's "my investments can do better" then I lose that battle

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Never ran into a prospect who intentionally sought out a robo-advisor. I figured they were there bc their asset levels didn’t qualify for an actual advisor.

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Read this article: https://www.advisorperspectives.com/articles/2020/06/01/robos-fail-their-first-big-test?bt_ee=eSLdBnABzcI4HnEq6rCmrQHXl6TXA3jjr0CWEbpv4VEvRJnI2jO9wDbjb5gJyA4T&bt_ts=1591092247959

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Financial Planning is not ‘value add’ - don’t cheapen it.
Also, I get alot of traction with ESG tailored to the clients interest. (Like environmental or minority issues) Do THAT with a robo.

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Holistic Financial Planning is where it’s at; no one can compete on asset allocation or price if you provide a singular lens onto which all the moving parts are brought together!

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