Automated investment management services, known as robo advisors, have garnered more than their share of mass media public relations attention. They promise to reduce financial management fees by using computer algorithms to manage your investments, without human oversight, and to obtain similar results. The media portrayal of these services lead many investors to view robo advising services as a mutually exclusive, either-or, alternative to the services of a more personalized financial planning service. This may be true of any investors who believe you must give up 2% of your annual returns to obtain quality financial advice. However, many firms, like Wiley Innovations, are fee-only financial planners, where fees are not based on the amount invested. In fact, if we believe a robo advisor to be a prudent part of your overall financial plan, we will suggest them. We will also help you understand the distinctions among them, and help you determine which may be best for your situation.
Robo advisors are not financial planners. Wiley Advisors takes a much more comprehensive approach, considering investments, debt, cash flow, college plans, retirement plans, and taxes. We also tailor our services and suggestions to the specific details of your current situation and adjust them as your situation changes — far from a “set it and forget it” approach. Wiley Innovations service is based on a personal understanding of your objectives. We believe these automated services, like any tools, are most useful when applied in the right manner.