What are the Disadvantages of Robo Advisors?

[Suba]

Robo advisor is an algorithm-based digital platform that can help investors with financial planning automatically, according to the investor's risk profile over time. Robo advisors can also analyze profit, risk, liquidity and investment portfolio adjustments. Previously you had to answer several questions from the Robo Advisor. There are some of the best Robo Advisors like SoFi Automated Investing, Vanguard Digital Advisor, Betterment etc. But it would be good if investors also knew what the shortcomings of robo advisors are.

 

[Augusta]

Robo-advisors, while convenient and cost-effective, have several disadvantages compared to traditional financial advisors. These include limited personalization, restricted investment options, lack of human interaction

 

[Tray59]

Robo-advisors, while convenient and cost-effective, have several disadvantages compared to traditional financial advisors. These include limited personalization, restricted investment options, lack of human interaction

The first thing is lack of human interaction,you won't be able to ask questions and get answers of things you are not aware of so I believe that human advisors is really the best because you can ask questions when needed

 

[Augusta]

The first thing is lack of human interaction,you won't be able to ask questions and get answers of things you are not aware of so I believe that human advisors is really the best because you can ask questions when needed

Yes my point exactly, lack of human interaction,you won't be able to ask questions and get answers l'ike that of human advisors that you can ask questions when needed

 

[Alberello75]

I believe that they are all platforms based on algorithms that use Artificial Intelligence which we know still needs to be perfected and in my opinion this will not be done in the short term unlike those where software is released.

 

[Augusta]

They cannot provide nuanced advice on rebalancing or making portfolio adjustments as you go through different life stages or as your financial goals evolve.