Robo-advisers need a goals-based approach

The rise of automated advice and new technology is changing the face of financial planning. It is offering low-cost advice to investors who previously couldn’t afford it and bolstering the advice of traditional planners with powerful new analytical tools.

However, there’s a problem.

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Algorithms and technology represent the key risks with a recent survey of CFA Institute global members, rating flaws in algorithms as the biggest risk faced by robo-advisers.