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Billionaire bond fund manager Jeffrey Gundlach has risen to the defence of human wealth advisors in an interview with Bloomberg. While admitting robo-advice had advantages, he said it promoted a “one size fits all approach” which compounded systemic risk. Asked how human advisors could win, he said “hard work”.
Robo-advice has gone from zero to US$100 billion assets under management in five years, said an expert panel at the TSAM Buy-Side conference on Friday. As robo evolves it will diversify away from ETFs and the debate between robo versus personal advisory will be retired, panelists said.
This article first appeared on www.roboadvicenews.com