Key Regulator Doubts Robos Can Be Fiduciaries

Post on April 08, 2016

Financial_PlanningThey should be examining how well they profile clients in their initial interactions, notes Sean McDermott, senior analyst at industry consulting firm Corporate Insight.

“There are some significant differences between digital advice firms in terms of the depth of customer profile information they collect before delivering investment recommendations,” McDermott says. “Some are very thorough, some are not. As a result, we imagine this announcement is triggering warning bells at some of these firms.”

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