3 Reasons to Avoid Robo Advisors

By Rebecca Lake

Technology is turning the way investment advice is delivered on its head. Robo advisorsare redefining the traditional financial advisor model by leveraging algorithm-based strategies for portfolio construction -- whether it's for stocks, mutual funds or exchange-traded funds.

"Cost, convenience and technology are the most attractive features for the younger generation flocking to robo advisors," says Tony Drake, CEO and founder of Drake & Associates in Waukesha, Wisconsin. "Millennials are much more comfortable working with an app and avoiding human interaction…"

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