NAPA Net - Polling Places 062620

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?

Yes

Not yet

Question Title

* 2. If so, which one(s)?

Acorns

Axos Invest

Betterment

blooom

E*Trade Core Portfolios

Ellevest

Fidelity Go

M1Finance

Personal Capital

Robinhood

Schwab Intelligent Portfolios

SigFig

SoFi

Stash

TD Ameritrade Essential Portfolios

Wealthfront

Wealthsimple

Worthy

Don't use any.

Other(s)?

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

Yes

Didn't know there was such a thing...

Any comments on that?

Question Title

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

Betterment for Business

blooom

Captain401

ForUsAll

Guideline

SaveDay

None of these.

Any others?

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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)?

I'm good.

I'm great.

I'm hanging in there.

There are good days & not-so-good days.

What day IS it, anyway?

I'm as good as can be expected.

want to expand on that?

Question Title

* 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?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Wholesaler

Consultant

Other (please specify)

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* 10. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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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)!