Robot and technology collage Algorithms will still require human intervention and advice to ensure that advisory firms are fulfilling their fiduciary role. (Photo: Shutterstock)

Who are and what are robo-advisors? They are not robots (at least not at this time). A simple definition of a robo-advisor is that of an online service which provides automated investment portfolios based on an investor’s risk tolerance level, time horizon and goals.

In many cases, robo-advisors also allow investors access to human advisors. The list of robo-advisors with human advisor access includes Charles Schwab, Personal Capital, Betterment, Ellevest, Vanguard and TD Ameritrade. It is estimated that automated investment platforms exceeded $200 billion in assets in 2017 and will continue to grow.

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