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You’re starting a wealth management business. How do you pick the right robo-advisory platform?

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Robo-advisors are automated platforms that provide investment advice and portfolio management based on algorithms and data. They are becoming increasingly popular among wealth managers who want to offer low-cost, scalable, and personalized solutions to their clients. But how do you choose the right robo-advisory platform for your business? Here are some factors to consider.

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Joseph Perez

Owner & CEO at Backspace with expertise in Sports Management

1 Your target market

The first step is to define your target market and understand their needs, preferences, and goals. Different robo-advisors cater to different segments of investors, such as millennials, retirees, women, or high-net-worth individuals. You need to find a platform that aligns with your niche and can deliver value to your clients. For example, if your market is young and tech-savvy, you might look for a platform that offers gamified features, social trading, or cryptocurrency options.

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2 Your service model

The next step is to decide how much human interaction and customization you want to provide to your clients. Some robo-advisors are fully automated and require minimal or no human intervention, while others are hybrid and combine digital tools with human advisors. You need to choose a platform that matches your service model and can support your client relationships. For example, if you want to offer more personalized and holistic advice, you might opt for a hybrid platform that allows you to communicate with your clients via chat, video, or phone.

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Joseph Perez

Owner & CEO at Backspace with expertise in Sports Management
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Prioritize platforms that align with your business goals, offer robust analytics, and provide a seamless user experience for both you and your clients. Additionally, consider scalability and the platform's ability to adapt to evolving industry trends.

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3 Your investment strategy

The third step is to evaluate the investment strategy and methodology of the robo-advisors. Different platforms use different algorithms, data sources, risk models, and asset classes to construct and rebalance portfolios. You need to choose a platform that aligns with your investment philosophy and can deliver consistent and optimal returns to your clients. For example, if you follow a passive and diversified approach, you might prefer a platform that uses index funds, ETFs, or robo-funds.

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Ricky Biel, CRPC?

Founder of Affluent Professional Networking Group, Providing Alternative Investment Advice to Accredited Investors
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Starting a wealth management business, it's crucial to choose a robo-advisor aligned with your target market's needs. For a tech-savvy clientele, consider platforms with innovative features like gamification or cryptocurrency options. Decide on your service model: fully automated or a hybrid with human advisor interaction. The platform should match your investment strategy, whether it's passive using ETFs or active. Opt for a platform that aligns with your business goals, offers robust analytics, and a seamless experience for both advisors and clients. It's essential to choose a scalable and adaptable platform, ensuring long-term growth and client satisfaction.

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4 Your regulatory compliance

The fourth step is to ensure that the robo-advisor you choose complies with the relevant regulatory and ethical standards in your jurisdiction. You need to check the licensing, registration, disclosure, and fiduciary requirements of the platform and how they handle client data, privacy, and security. You also need to verify the credibility, reputation, and track record of the platform and its providers. For example, if you operate in the US, you might look for a platform that is registered with the SEC, follows the Investment Advisers Act of 1940, and adheres to the FINRA rules.

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5 Your operational efficiency

The fifth step is to assess the operational efficiency and scalability of the robo-advisor. You need to consider the cost, integration, maintenance, and support of the platform and how they affect your profitability and growth. You also need to evaluate the user experience, functionality, and performance of the platform and how they influence your client satisfaction and retention. For example, if you want to reduce your overhead and increase your margins, you might choose a platform that offers low fees, seamless integration, automated updates, and reliable support.

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Kayla Price

Agency Principal of Price Services Group, L.L.C; Insurance and Retirement Professional Professional, Avid Advocate
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It is important to understand how the software that you are utilizing will make you most efficient. I am going through this process now. One way to do that is by looking through the information from the software provider. You can also interview them.

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6 Your competitive edge

The final step is to identify your competitive edge and how the robo-advisor can help you differentiate yourself from other wealth managers. You need to think about your unique value proposition, your branding, and your marketing strategy. You also need to monitor the trends, innovations, and challenges in the robo-advisory market and how they affect your positioning and opportunities. For example, if you want to stand out from the crowd, you might select a platform that offers cutting-edge features, such as AI, ESG, or blockchain.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Stacy N.

Portfolio Management | Broad-based knowledge to deliver profitable investments | Associate in the Chartered Institute for Securities & Investments (ACSI)
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Here are factors to consider when making your decision: 1. Customization: Look for a platform that allows you to customize the investment. 2. User experience: Choose a platform that provides a user-friendly interface for both you and your clients. 3. Investment options: Make sure the platform offers a wide range of investment options. 4. Security: Ensure the platform has robust security measures to protect your clients' sensitive financial data. 5. Pricing: Consider the cost of the platform and ensure that it fits your budget while providing the essential features you need. 6. Integration: Look for a platform that integrates well with your existing business systems, such as your CRM and portfolio management software.

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You’re starting a wealth management business. How do you pick the right robo-advisory platform?

1

2

3

4

5

6

7

1 Your target market

2 Your service model

3 Your investment strategy

4 Your regulatory compliance

5 Your operational efficiency

6 Your competitive edge

7 Here’s what else to consider

Financial Technology

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You’re starting a wealth management business. How do you pick the right robo-advisory platform?

1

2

3

4

5

6

7

1 Your target market

2 Your service model

3 Your investment strategy

4 Your regulatory compliance

5 Your operational efficiency

6 Your competitive edge

7 Here’s what else to consider

Financial Technology

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