Characteristic |
Traditional advising |
Robo-advising |
Relationship manager |
Client |
Relationship manager |
Client |
Account opening, closing and maintenance |
4 |
4 |
1 |
1 |
Client due diligence and Know Your Customer process |
4 |
4 |
2 |
1 |
Prospecting and referrals |
4 |
4 |
2 |
1 |
Financial planning and account aggregation |
4 |
5 |
3 |
2 |
Investment policy statement |
5 |
5 |
3 |
2 |
Pre-trade compliance |
4 |
5 |
2 |
1 |
Proposal generation and trade execution |
4 |
4 |
2 |
1 |
Portfolio construction |
4 |
5 |
2 |
2 |
Cash flow and portfolio monitoring |
4 |
4 |
2 |
1 |
Alerts and rebalancing |
4 |
5 |
2 |
2 |
Investment research and pre-trade analytics |
4 |
5 |
2 |
2 |
Advisory |
4 |
4 |
2 |
2 |
Reporting |
4 |
4 |
2 |
1 |
Education |
4 |
3 |
2 |
1 |
Accounting, fees and billing |
4 |
4 |
2 |
1 |