Algorithms aren't nearly as cute as robots. Should we change how we talk about robo-advisors? (Photo: AP)
NASHVILLE — In the retirement planning industry, words matter as much as numbers. Take the phrase “robo-advisor.”
It conjures images of that cute can on wheels, R2D2, who rescues Skywalker and Solo et al time and again. Calling robo-advisors what they really are, algorithms that can make investing decisions, is not quite as sexy, as advisors attending technology sessions at this year's NAPA 401(k) Summit might realize.
But according to Juniper Research, revenue from robo-advisor technology will reach $25 billion by 2022. Compare this to around $1.7 billion in 2017 revenue, and suddenly the word that comes to mind might be “serious” rather than “cute.”
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