Are You (Already) Ready for Robos?

So-called “robo” advisors have been both regaled and reviled in our industry – but in a post-pandemic environment, they might well play a different, and perhaps more essential role. 

The Plan Sponsor Council of America’s 62nd annual Defined Contribution survey found that just 1 in 10 (10.9%) of plan sponsor respondents provide participants with access to a robo-advisor, while that’s somewhat higher (approximately 15%) among larger programs, the vast majority do not.  

And, let’s face it, in our annual NAPA Summit Insider survey, robo-advice has consistently been at the top of the “over hyped” list.

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1. Do you use a robo-advisor in your practice?

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2. If so, which one(s)?

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3. Have you (or your clients) considered a robo-advisor as a 401(k) plan provider?

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4. Which one(s) have you heard of?

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5. Comments on those platform(s)?

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6. What, if anything, would encourage you to include robo-advisors in provider searches more often?

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7. OK, last question; how're you doing (check all that apply today)?

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8. Other comments on robo-advisors, trends regarding robo-advisors, hype regarding robo-advisors, the need for robo-advisors, the place for robo-advisors, the issues with robo-advisors, the questions about robo-advisors, the answers about robo-advisors, concerns about robo-advisors, praise for robo-advisors, or life in general?

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9. What is your role working with retirement plans?

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10. What size plans do you PRIMARILY work with?

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11. Suggestions for future survey questions?  Seriously - what would you like to know about/from your fellow NAPA-Net readers?  Or what would you like to be asked?

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12. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!

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