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5 Things to Do Before Implementing a Robo-Advisor Strategy

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Robo-advising technologies are gaining more and more traction, and how to effectively market them has become a question many financial advisors are asking. Marketing robo-platforms is tricky because you want to highlight the advances of technology, while also emphasizing your own value.

Here are five things to do before implementing a robo-advisor strategy:

Understand the different types of robo-advising technology

Not all robos are built the same, and deciphering which platform is best for you is the first step in implementing these strategies. This article from IRIS does a good job of laying out the basic types of robo-technology options. Here is a quick synopsis:

  • For advisors looking for complete customization and maximum control, you can build a robo advisor from scratch. The cons of this option are that it is the most costly and will require professional help from an IT expert.
  • If you would like to remain in charge of your technology’s look and feel, you may consider building a robo-advisor front-end and use APIs to tie in an existing BD. This option will still need guidance from an IT team, but it is a less expensive option than building something from scratch.
  • Integrate a third-party software into your website, such as Riskalyze and eMoney Advisor. This option gives advisors the least amount of customization options, but is also the easiest and the cheapest.

Choose the technology platform that is right for your firm

After understanding the basics of robo-platforms, you should choose which one is best for you. What do you want to accomplish with this offering? What benefit does it provide your clients? These are good questions to get you started in your search for the perfect robo.

Some of our favorites, and ones that can easily be integrated into our FMG Suite sites, include Riskalyze, eMoney Advisor, HiddenLevers, Nest Egg Guru, and Advizr.

Market your technology in a client-centric way

You may have been drawn to the robo-tech of your dreams because of its fancy bells and whistles, a long list of features, and the nitty gritty details of what makes it great. But when marketing the platform to your clients, put yourself in their shoes. At the end of the day, they might not care about what makes your tech the hottest on the market. They care about how it will benefit them and help them pursue their goals.

This is the position that the majority of your marketing materials should take – client-centric and focused on their needs. For example, eMoney provides clients the opportunity to see a living, breathing financial plan. There are plenty of features that you could list on your site, but simple is better and you only need to answer one question: how does this piece of technology help your clients?

Highlight the complementary relationship between human and computer

Many financial advisors struggle with marketing their robo-advisory services because they don’t want to devalue themselves. You may think “if I have a risk tolerance software on my site, why wouldn’t a client just use that?”

But on the contrary, having a robo-offering actually complements your firm. Then, your clients can enjoy the concierge, high-touch support of a human advisor and the efficiency of technology. When marketing this offering, highlight this advantage and how your financial advising clients can enjoy the best of both worlds.

Know how other advisors are using their robo-technologies

The best way to get started implementing a robo-advisor strategy is to see how other financial advisors are marketing similar offerings.

Eric Flaten of ePersonal Financial offers his technology as a FinTech Program, a more affordable program for younger investors. Here, he emphasizes the value of working with a financial advisor, but also highlights the advantages of using technology to streamline the process.

Andre Marshall likes to call his client dashboard the Financial Butler tool, a fun way to rebrand a third-party software to something that aligns with his firm and values. Through this Financial Butler, Andre explains in his marketing materials how it helps his clients.

Lastly, we have countless financial advisors on our platform that integrate buttons and widgets on their homepage to generate leads and information about their website visitors (to read more about lead generation, check out our comprehensive guide!).

The above are just a few ways to market robo-advisory strategies. What technologies do you use, and how do you market them?

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