What Are Robo-Advisors?
Robo-advisors are online platforms that use computer algorithms to automate investment decisions. These algorithms are designed to build and manage a diversified portfolio of assets on your behalf. Unlike traditional financial advisors who provide personalized guidance, robo-advisors take a more hands-off approach. They consider your financial goals, risk tolerance, and time horizon to create a portfolio tailored to your needs. Robo-advisors are known for their low fees and accessibility, making them an attractive option for both novice and experienced investors.
How Do Robo-Advisors Work?
Robo-advisors operate by following a set of rules and algorithms. Here’s a step-by-step breakdown of how they work:
Client Profiling: When you sign up for a robo-advisor service, you’ll be asked to complete a questionnaire about your financial goals, risk tolerance, and investment preferences. This information is used to create a personalized investment strategy.
Asset Allocation: The robo-advisor’s algorithms use your profile data to determine the optimal mix of asset classes, such as stocks, bonds, and cash. This mix is designed to align with your goals and risk tolerance.
Portfolio Construction: Once the asset allocation is determined, the robo-advisor selects specific investments to build your portfolio. This may include individual stocks, exchange-traded funds (ETFs), or mutual funds.
Continuous Monitoring: Robo-advisors continuously monitor your portfolio to ensure it stays in line with your goals. If it drifts from the target allocation, the platform will automatically rebalance the portfolio.
Automatic Reinvestment: Dividends and interest earned are automatically reinvested to maximize your returns.
Tax Optimization: Some robo-advisors offer tax-efficient strategies to minimize your tax liability, such as tax-loss harvesting.
Regular Reporting: Most robo-advisors provide regular performance reports and updates on your investments. These reports help you track progress toward your financial goals.
Benefits of Robo-Advisors
Robo-advisors offer several advantages over traditional investment methods:
1. Low Fees: One of the primary benefits of robo-advisors is their cost-efficiency. Their fees are generally lower than those of traditional financial advisors, making them an attractive option for cost-conscious investors.
2. Accessibility: Robo-advisors are accessible to a wide range of investors, including those with limited capital. Many platforms have low or no account minimums, allowing individuals to get started with small amounts of money.
3. Diversification: These automated platforms create diversified portfolios, reducing the risk associated with having all your investments in a single asset or asset class.
4. Automation: Robo-advisors take the guesswork out of investing by automating portfolio management, saving you time and effort.
5. Transparency: Most robo-advisors provide clear and transparent information about their investment strategies and fees, enabling investors to make informed decisions.
6. Emotional Control: Robo-advisors remove emotional biases from investment decisions, helping investors stick to their long-term strategies even during market turbulence.
Top Robo-Advisors
Now that you understand what robo-advisors are and how they work, it’s time to explore some of the top options available. Each robo-advisor has its unique features and strengths, catering to different types of investors.
1. Wealthfront
Wealthfront is a leading robo-advisor known for its advanced features. The platform offers a range of investment options, including individual and joint taxable accounts, IRAs, and 529 college savings accounts. Wealthfront stands out for its free financial planning tools and an impressive selection of passive investment strategies, including low-cost index funds and ETFs.
2. Betterment
Betterment is a user-friendly robo-advisor that appeals to both new and experienced investors. It offers a range of portfolio options, including Socially Responsible Investing (SRI) and Smart Saver for cash management. Betterment’s Tax-Coordinated Portfolio™ aims to optimize tax efficiency across all your accounts, which can result in significant tax savings over time.
3. Vanguard Personal Advisor Services
Vanguard is a well-known name in the investment industry, and their Personal Advisor Services combine the expertise of human advisors with the convenience of robo-advisors. This hybrid approach is perfect for investors who value both digital convenience and human guidance. Vanguard’s low-cost ETFs and mutual funds make it a strong choice for cost-conscious investors.
4. SoFi Invest
SoFi offers a robo-advisor service that stands out with its impressive suite of financial products. In addition to automated investing, SoFi provides student loan refinancing, personal loans, and a range of banking services. This platform is particularly appealing to individuals looking for a one-stop-shop for their financial needs.
5. Charles Schwab Intelligent Portfolios
Charles Schwab’s robo-advisor, Intelligent Portfolios, is a no-fee platform that offers a wide range of investment options, including low-cost ETFs and a high level of customization. It’s an excellent choice for investors seeking no advisory fees and low fund expenses.
6. Acorns
Acorns is a unique robo-advisor that focuses on micro-investing. The platform rounds up your everyday purchases to the nearest dollar and invests the spare change. This approach is ideal for individuals who want to start investing without making large initial contributions.
7. M1 Finance
M1 Finance offers a unique blend of automated investing and self-directed trading. You can choose from pre-built portfolios or create your custom portfolio by selecting individual stocks and ETFs. This platform is perfect for investors who want more control over their investment strategies.
8. Ellevest
Ellevest is designed with a focus on gender-specific financial goals. The platform considers the gender pay gap and longer female lifespans when creating investment plans. It offers tailored portfolios and financial guidance for women.
These are just a few of the top robo-advisors available in the market. When choosing a robo-advisor, it’s essential to consider your investment goals, risk tolerance, and preferences to find the platform that best aligns with your needs.
Robo-Advisor Fees: What to Expect
Robo-advisors are known for their cost-effectiveness, but it’s crucial to understand their fee structures to make informed decisions.
1. Management Fees: The most common fee associated with robo-advisors is the annual management fee, which is typically a percentage of your total assets under management (AUM). The fee can range from 0.25% to 0.89% of your AUM, with lower-cost providers generally charging around 0.25% to 0.50%.
2. ETF Expense Ratios: In addition to management fees, you’ll also incur the expense ratios of the underlying ETFs or mutual funds in your portfolio. These ratios can vary but are generally quite low, often well below 0.20%.
3. Account Minimums: Some robo-advisors require a minimum investment to get started, while others have no minimums. The minimums can range from a few dollars to several thousand, so it’s essential to choose a platform that aligns with your budget.
4. Trading Costs: While many robo-advisors offer commission-free trading, it’s important to be aware of any trading costs associated with buying and selling securities.
5. Tax Implications: Tax-loss harvesting is a feature offered by some robo-advisors to minimize tax liabilities. This can save you money in the long run.
Understanding the fee structure of your chosen robo-advisor is vital to assess its overall cost and the impact on your investment returns.
Choosing the Right Robo-Advisor
Selecting the right robo-advisor is a critical decision, as it directly affects your investment strategy, fees, and overall financial well-being. To help you make an informed choice, consider the following factors:
1. Investment Goals
Your investment goals should drive your choice of robo-advisor. Whether you’re saving for retirement, a major purchase, or a child’s education, different platforms may better suit your specific goals.
2. Risk Tolerance
Your tolerance for risk is a key consideration. Some robo-advisors offer more conservative portfolios, while others may provide more aggressive options. It’s important to choose a platform that aligns with your risk profile.
3. Account Types
Consider the types of accounts you need. Do you want a taxable investment account, an Individual Retirement Account (IRA), a 401(k) rollover, or a trust account? Ensure the robo-advisor can accommodate your account needs.
Fees and Costs
Examine the fees and costs associated with each robo-advisor, including management fees, ETF expense ratios, and account minimums. Compare these costs to find a platform that suits your budget.
Additional Features
Some robo-advisors offer unique features, such as socially responsible investing, cash management, or access to human advisors. If these features are important to you, prioritize them in your decision-making process.
Performance and Track Record
Research the historical performance of the robo-advisor’s portfolios. Keep in mind that past performance is not indicative of future results, but it can provide insights into the platform’s investment strategies.
Customer Support
Consider the level of customer support and guidance offered by the robo-advisor. If you prefer a more hands-on approach, you might prioritize platforms with robust customer service.
User Experience
The user interface and ease of use can make a significant difference in your overall experience with a robo-advisor. Take advantage of any free trials or demo accounts to evaluate the platform’s user-friendliness.
Security and Regulation
Ensure the robo-advisor is properly regulated and follows industry-standard security practices to protect your personal and financial information.
FAQs
Yes, robo-advisors are generally safe. They operate under strict regulatory guidelines and use state-of-the-art security measures to protect your personal and financial information.
Yes, you can use multiple robo-advisors for different financial goals. This approach allows you to tailor each investment strategy to a specific objective.
The choice between robo-advisors and traditional advisors depends on your preferences and needs. Robo-advisors are typically more cost-effective, while traditional advisors offer personalized guidance.
Yes, you can usually adjust your risk tolerance in your robo-advisor account settings. This allows you to align your investment strategy with your changing financial goals and risk preferences.
In the unlikely event that a robo-advisor ceases operations, your investments are typically protected. Accounts are held by a custodian, and you can transfer your assets to another platform.
Robo-Advisors for Sustainable Investing
As the field of robo-advisors continues to grow and evolve, there is a notable trend towards sustainable and socially responsible investing. Investors are increasingly interested in aligning their investment choices with their ethical and environmental values. Many robo-advisors now offer options for sustainable investing, making it easier for individuals to build portfolios that reflect their commitment to environmental and social responsibility.
Understanding Sustainable Investing
Sustainable investing, also known as socially responsible investing (SRI) or Environmental, Social, and Governance (ESG) investing, is an approach that considers not only financial returns but also the impact of investments on society and the environment. This approach involves selecting investments that support companies and industries with a positive track record in areas like environmental stewardship, social responsibility, and corporate governance.
The aim of sustainable investing is to promote positive change in business practices and to allocate capital to investments that are not only financially sound but also aligned with one’s values. It encompasses various strategies, such as investing in companies with strong ESG scores, excluding investments in certain industries (like fossil fuels or tobacco), and actively engaging with companies to encourage better ESG practices.
Robo-Advisors and Sustainable Investing
Many robo-advisors have recognized the growing demand for sustainable investing options and have integrated ESG considerations into their platform. This allows investors to build portfolios that align with their values while enjoying the convenience and automation of robo-advisors.
Here’s how robo-advisors typically incorporate sustainable investing into their services:
ESG Scoring: Robo-advisors use ESG data to assess the sustainability of individual companies. They may use third-party ESG data providers like MSCI, Sustainalytics, or Morningstar to evaluate ESG scores. Companies are scored on various factors related to environmental impact, social responsibility, and corporate governance.
Portfolio Customization: Based on your sustainability preferences, robo-advisors can customize your portfolio to include companies with high ESG scores. Some platforms even allow you to set specific ESG criteria, such as excluding certain industries or prioritizing investments in clean energy or socially responsible companies.
Impact Investing: Some robo-advisors offer impact investing options, where a portion of your portfolio is allocated to investments that directly support environmental or social causes, such as clean energy, gender diversity, or affordable housing.
Proxy Voting: In some cases, robo-advisors allow you to participate in proxy voting, which gives you a say in how companies you’re invested in address ESG issues. This can be a powerful way to influence corporate behavior and promote positive change.
Robo-Advisors with Sustainable Investing Options
Several robo-advisors specialize in sustainable investing, making it their core focus. Here are a few notable robo-advisors that offer sustainable investing options:
1. Wealthfront: Wealthfront offers a socially responsible investing portfolio that prioritizes ESG factors. They also provide an impact investing feature, allowing you to invest in causes you care about.
2. Betterment: Betterment offers a Socially Responsible Investing portfolio that consists of ETFs with a strong ESG focus. They also provide customizable exclusion options, enabling you to exclude specific industries from your portfolio.
3. Ellevest: Ellevest tailors its investment portfolios to align with gender-specific financial goals. The platform considers factors like the gender pay gap and longer female lifespans, offering investment options that promote gender equality.
4. M1 Finance: M1 Finance allows investors to build custom portfolios, making it easy to prioritize ESG-focused investments. You can select individual stocks and ETFs that match your sustainable investing criteria.
These are just a few examples of robo-advisors that offer sustainable investing options. As the demand for socially responsible investing continues to grow, more platforms are likely to integrate these features into their services.
The Benefits of Sustainable Investing with Robo-Advisors
Investing sustainably through robo-advisors offers several benefits:
1. Diversification: Robo-advisors help you build diversified portfolios that incorporate a range of sustainable investments. This diversification can help manage risk while supporting sustainable causes.
2. Accessibility: Sustainable investing is no longer limited to high-net-worth individuals or institutional investors. Robo-advisors make it accessible to a broader range of investors, including those with smaller account balances.
3. Low Costs: Robo-advisors are known for their cost-effectiveness, and this extends to their sustainable investing options. Investors can access these services without incurring high management fees.
4. Transparency: Many robo-advisors provide clear information about their sustainable investment strategies and the specific ESG criteria they consider. This transparency allows investors to make informed choices.
5. Automation: Sustainable investing can require ongoing research and monitoring. Robo-advisors automate the process, ensuring that your portfolio remains aligned with your sustainability goals.
Robo-Advisors and Tax Efficiency
Tax efficiency is another area where robo-advisors can provide significant benefits. Efficient tax management can help maximize your investment returns by minimizing the taxes you owe. Robo-advisors often incorporate various tax strategies to achieve this goal.
Here are some of the tax efficiency features commonly offered by robo-advisors:
1. Tax-Loss Harvesting: This strategy involves selling investments that have experienced losses to offset gains in your portfolio. By doing this, you can reduce your tax liability and keep more of your investment returns.
2. Asset Location: Robo-advisors can strategically place assets in taxable and tax-advantaged accounts to optimize the allocation for tax efficiency. For example, income-producing assets may be placed in tax-advantaged accounts to minimize tax liability.
3. Tax-Efficient Portfolio Rebalancing: When a portfolio needs rebalancing, robo-advisors consider the tax implications of buying and selling assets. They aim to minimize taxable events and reduce capital gains tax.
4. Tax-Efficient Withdrawal Strategies: Robo-advisors can help devise tax-efficient withdrawal strategies during retirement, such as drawing from tax-advantaged accounts before taxable accounts.
5. Reporting and Documentation: Most robo-advisors provide comprehensive tax reporting, including tax forms like 1099s. This simplifies the process of filing your taxes and ensures you’re compliant with tax regulations.
Efficient tax management can have a substantial impact on your overall investment returns. By using these tax strategies, robo-advisors aim to increase your after-tax returns, helping you keep more of your earnings.
Comparison of Robo-Advisors with Tax Efficiency Features
To give you a better idea of which robo-advisors offer tax efficiency features, let’s take a look at a few leading platforms known for their tax optimization capabilities:
1. Wealthfront: Wealthfront is renowned for its comprehensive approach to tax optimization. It offers direct indexing, which allows for greater tax-loss harvesting opportunities by using individual stocks. This can lead to significant tax savings over time.
2. Betterment: Betterment provides tax-efficient portfolio management and offers a Tax-Coordinated Portfolio™ feature. This strategy optimizes asset location to minimize taxes across all your accounts, potentially saving you money in the long run.
3. Charles Schwab Intelligent Portfolios: Charles Schwab’s robo-advisor includes tax-loss harvesting as part of its services, helping you reduce capital gains tax and increase tax efficiency.
4. M1 Finance: While M1 Finance doesn’t offer advanced tax-loss harvesting, it provides a user-friendly platform for investors to allocate their assets tax-efficiently.
These platforms excel in providing tax efficiency features and can be particularly appealing to investors looking to optimize their after-tax returns.
The Future of Robo-Advisors
As robo-advisors continue to evolve, several trends and innovations are shaping the future of the industry. Here are some of the key developments to watch for in the coming years:
1. Artificial Intelligence and Machine Learning: Robo-advisors are increasingly harnessing the power of artificial intelligence (AI) and machine learning to enhance their investment strategies. These technologies can analyze vast amounts of data and identify patterns, leading to more sophisticated investment decisions.
2. Customization and Personalization: Robo-advisors are moving towards greater personalization. Investors will have more options to tailor their portfolios according to specific goals, values, and preferences.
3. Expanded Product Offerings: Robo-advisors are likely to expand their product offerings beyond traditional investment management. This may include mortgage services, insurance, and even financial planning and advice.
4. Integration with Banking Services: Some robo-advisors are integrating banking services, making it more convenient for clients to manage both their investments and day-to-day finances in one place.
5. Global Expansion: Robo-advisors are increasingly going global, expanding their services to investors in different countries. This global reach opens up new opportunities for international diversification.
6. Enhanced User Experience: Improvements in user interface design, customer support, and educational resources are making the investor experience more user-friendly and informative.
7. Enhanced Security Measures: Given the increasing importance of digital security, robo-advisors are expected to continue enhancing their cybersecurity measures to protect client data and assets.
8. Further Integration with Sustainable Investing: The trend of sustainable investing is expected to gain even more traction, and robo-advisors will continue to integrate ESG considerations into their investment strategies.
As robo-advisors embrace these developments, they are poised to become even more versatile and effective tools for investors of all backgrounds.
The Human Touch in Robo-Advisors
While robo-advisors are predominantly automated, some investors value the human touch in their financial planning. To cater to this need, certain robo-advisors offer hybrid services that combine automated portfolio management with access to human financial advisors.
These hybrid robo-advisors offer several benefits:
1. Human Guidance: Investors can consult with human advisors for personalized guidance and financial planning, which can be particularly useful for complex financial situations or major life events.
2. Emotional Support: Human advisors can provide emotional support and guidance during market turbulence, helping investors make rational decisions and avoid emotional reactions to market fluctuations.
3. Flexibility: Hybrid robo-advisors allow investors to choose the level of human interaction they prefer. Some may opt for occasional consultations, while others may prefer more frequent guidance.
4. Customization: Human advisors can provide customized financial plans and investment strategies, taking into account unique financial goals and risk tolerance.
5. Comprehensive Financial Planning: Hybrid robo-advisors often offer more extensive financial planning services, including retirement planning, estate planning, tax optimization, and more.
6. Real-Time Communication: Investors can typically reach out to human advisors via phone, email, or in some cases, video calls, ensuring real-time communication when needed.
Some well-known hybrid robo-advisors include Vanguard Personal Advisor Services and Schwab Intelligent Portfolios Premium. These platforms provide a blend of automated investment management and access to certified financial planners, offering a flexible and comprehensive approach to financial planning.
Robo-Advisors and the Impact of Market Volatility
Market volatility is a common concern for investors, and it’s particularly relevant when considering the role of robo-advisors in managing investments. Understanding how robo-advisors handle market turbulence, make adjustments to portfolios, and provide guidance during times of uncertainty is crucial for investors looking to make informed decisions.
Market Volatility: A Fact of Investing
Market volatility refers to the fluctuation in the prices of assets, such as stocks and bonds, in financial markets. It is a natural part of investing and can result from various factors, including economic conditions, geopolitical events, corporate earnings reports, and changes in investor sentiment.
Investors often experience market volatility as a series of ups and downs in the value of their investment portfolios. While market volatility can present challenges, it can also create opportunities for investors who are well-prepared and have a clear investment strategy in place.
How Robo-Advisors Address Market Volatility
Robo-advisors are designed to handle market volatility by employing strategies that align with their clients’ risk tolerance and financial goals. Here are several ways in which robo-advisors address market turbulence:
Diversification: Robo-advisors create diversified portfolios with a mix of asset classes, such as stocks, bonds, and cash. Diversification helps spread risk and can mitigate the impact of market volatility on a portfolio.
Rebalancing: Robo-advisors regularly rebalance portfolios to maintain the desired asset allocation. When certain asset classes outperform or underperform, the platform automatically buys or sells assets to bring the portfolio back in line with the target allocation.
Risk Assessment: Robo-advisors consider the client’s risk tolerance when constructing and managing portfolios. During periods of high market volatility, they ensure that the portfolio’s risk level aligns with the investor’s comfort zone.
Automated Decision-Making: Robo-advisors rely on algorithms to make investment decisions, which eliminates the emotional bias that can lead to poor decisions during market volatility. The algorithms follow a predefined strategy, keeping investments on track.
Continuous Monitoring: Robo-advisors continuously monitor the portfolio and the financial markets. This real-time monitoring allows for swift responses to market changes and adjustments to the portfolio when necessary.
Tax-Loss Harvesting: Some robo-advisors offer tax-loss harvesting strategies to minimize taxes on capital gains. This feature can be particularly beneficial during market downturns.
Communication: Robo-advisors typically provide regular communication and updates to keep investors informed about the performance of their portfolios and any adjustments made during market volatility.
Benefits of Robo-Advisors During Market Volatility
Robo-advisors offer several advantages that can be particularly beneficial during periods of market volatility:
1. Emotional Control: Emotions often play a significant role in investment decisions, leading to hasty reactions during market fluctuations. Robo-advisors eliminate emotional bias, helping investors stay the course and adhere to their long-term investment strategies.
2. Automation: The automated nature of robo-advisors ensures that portfolios are continuously monitored and adjusted as needed. Investors can have peace of mind knowing that their investments are being managed proactively.
3. Diversification: Diversified portfolios reduce the risk associated with having all investments concentrated in a single asset or asset class. This diversification can help protect portfolios during market downturns.
4. Risk Assessment: Robo-advisors assess and adjust the level of risk in a portfolio based on the investor’s risk tolerance. This personalized approach ensures that the portfolio remains aligned with the investor’s comfort level.
5. Cost-Effective: Robo-advisors are typically more cost-effective than traditional financial advisors. During market volatility, minimizing fees can help preserve returns.
6. Tax Efficiency: Some robo-advisors offer tax optimization strategies, which can help reduce the impact of taxes on investment returns during market downturns.
Case Study: Robo-Advisors During the COVID-19 Pandemic
The COVID-19 pandemic, which began in early 2020, brought about significant market volatility and served as a real-life test for the effectiveness of robo-advisors during times of crisis. The pandemic’s impact on financial markets was swift and dramatic, resulting in uncertainty and significant market swings.
During this period, many robo-advisors demonstrated their ability to navigate the challenges posed by the pandemic and market volatility. Here’s a brief case study of how robo-advisors fared during the early stages of the COVID-19 crisis:
1. Diversification: Robo-advisors’ diversified portfolios helped mitigate the impact of market downturns. While certain sectors, such as travel and hospitality, suffered severe losses, other areas, like technology and healthcare, fared relatively well. The broad diversification of assets helped protect investor portfolios.
2. Rebalancing: Robo-advisors effectively rebalanced portfolios during the pandemic. As stock markets experienced significant declines, portfolios were rebalanced by selling bonds or cash to purchase more stocks, taking advantage of lower prices.
3. Risk Assessment: Robo-advisors assessed and adjusted the level of risk in portfolios based on individual investor risk tolerance. Investors with lower risk tolerance saw a more conservative approach, while those with a higher risk tolerance maintained a more aggressive strategy.
4. Communication: Many robo-advisors increased communication with clients during the pandemic. This included providing updates on market conditions, explaining strategies, and offering reassurance to investors during a period of heightened uncertainty.
5. Tax Optimization: Robo-advisors with tax optimization strategies helped investors minimize the tax impact of selling assets during market downturns, preserving more of their returns.
In summary, the COVID-19 pandemic highlighted the adaptability and effectiveness of robo-advisors in managing portfolios during a period of extreme market volatility. Investors who relied on robo-advisors during this time benefited from their automated, diversified, and risk-adjusted approach to investing.
Investor Behavior and Robo-Advisors
While robo-advisors are designed to help investors maintain a disciplined and rational approach to investing, it’s important to recognize the role of human behavior in investment decisions, particularly during periods of market volatility.
1. Panic Selling: Market downturns can trigger panic selling, as investors fear further losses. Robo-advisors are designed to prevent emotional reactions, but some investors may still override their strategies and make impulsive decisions.
2. Long-Term Perspective: Robo-advisors emphasize a long-term investment approach. However, investors may become impatient during market volatility and seek quick solutions, which can undermine their long-term goals.
3. Communication: Effective communication from robo-advisors is key during periods of market volatility. Clear updates, explanations of strategies, and reminders of long-term goals can help reassure investors and keep them on track.
4. Risk Tolerance: It’s essential for investors to maintain an accurate assessment of their risk tolerance. During market volatility, some may discover that they are less comfortable with risk than initially thought. Robo-advisors can adjust portfolios to reflect this.
5. Portfolio Adjustment: While robo-advisors automatically adjust portfolios, some investors may feel compelled to make manual changes. It’s crucial for investors to trust the robo-advisor’s strategy and consider the consequences of altering their investments.
In summary, while robo-advisors are designed to counteract emotional reactions to market volatility, investors should be aware of their own tendencies and exercise discipline during turbulent times. Trusting the robo-advisor’s strategies and maintaining a long-term perspective is key to success.
Conclusion
Robo-advisors have emerged as valuable tools for investors seeking to navigate the challenges of market volatility. These automated platforms offer a disciplined, diversified, and cost-effective approach to investing, with an emphasis on minimizing emotional reactions during market turbulence. As the case study of the COVID-19 pandemic demonstrated, robo-advisors effectively manage portfolios during periods of extreme market volatility, providing benefits such as diversification, risk assessment, and tax optimization.
Investors are encouraged to remain disciplined and trust the robo-advisor’s strategies during market turbulence, as impulsive decisions can undermine long-term financial goals. Overall, robo-advisors continue to evolve and play a significant role in helping investors achieve their investment objectives with confidence and convenience.