Each individual has a personal brand (Facebook or Instagram) and statistics on usage and engagement ("likes," views, Google analytics). Given this daily practice, millennials are experts in telling the difference between authentic and constructed image.
Robo-advisors are the application of personal technology to the financial advice industry. Though they rely on many of the same core tenets as a traditional financial firm (Modern Portfolio Theory, risk tolerance, efficient exchange-traded funds), these technology-first firms solve three distinctive next-generation challenges.
To date, hundreds of thousands of investors have signed up for online wealth management from firms such as Schwab, Vanguard, Betterment and Wealthfront, among others.
BlackRock just paid a reported $150 million for FutureAdvisor, a robo-technology managing less than $1 billion, and just a few weeks ago Fidelity Investments announced the firm has started testing its own robo service, dubbed Fidelity Go.
It should be noted that by 2020, robo-advisors will control in excess of $2 trillion in assets, according to a recent research report from A.T. Kearney.