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The One Where Robo-Advisors Haven’t Saved the World…Yet

You might remember from our episode on robo-advisors in Season Three that Sandi and John have spent abnormal amounts of time thinking about robo-advisors, to the point where they built a calculator to compare all of the ones available in Canada.

Well, they’ve sold the calculator (to our Season 2 host, Kyle and his partner in crime Justin), and in this episode we talk about what the robos have done right in the last three years and what they can still improve on.

You can help make Because Money happen for as little as $1 a month through Patreon. You can also support the show by listening, sending us questions, and giving us those pretty gold stars on iTunes.

Show Highlights

  • 5:28 – What are robo advisors doing wrong
  • 9:10 – Why ‘time on device’ is not a great metric
  • 13:19 – Is it a robo advisor’s job to educate their users?
  • 20:03 – A rant against being ‘better than nothing’
  • 23: 53 – Do robo advisor’s really provide advice?
  • 28:58 – How do we want to see robos grow in the future?
  • 32:31 – Debunking the idea of ‘transparent fees’ with robo advisors
  • 39:53 – The responsibilities of an industry that bills themselves as a disruptor
  • 47:55 – Portfolio complexity leads to fee complexity

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