Welcome to the Stay Walthy podcast. I'm your host Taylor Schulte, and today I'm tackling part two of our two-part series on robo-advisors. And this week, in part two, I'm sharing three things with you.

Number one, the pros and cons of using a robo advisor.

Number two, pitfalls to watch out for.

And number three, how to choose the right one if you think it's fitting for your needs.

So if you currently use a robo advisor or you're considering using one in the near future,

this episode will help you better understand if it's a good fit and how to avoid costly mistakes. For the links and resources mentioned, head over to you staywealthy.com forward slash

104. At the top of last week's show, I mentioned that I think the more appropriate title for these

digital investment solutions is Robo Manager, not Robo Advisor.

And that's not a knock on these services.

I just think it's maybe more accurate.

A Robo Advisor's primary job, just like a Target Date mutual fund, is to manage your investments. In other words,

they're more like an investment manager or a robo manager. Now, as I'll share in more detail

today, these robo managers have realized that most people want advice and at least some level of

human interaction. And for that reason, many of them have rolled

out additional services on top of basic portfolio construction and investment management.

So perhaps we'll let them continue using the title Robo Advisor, but it is really important to

understand what you're getting in return for a low fee service and what's

really under the hood of some of these additional services that they're offering. And that's what

I'm going to dive into today with the primary goal of helping our audience understand exactly

what robo advisors are and to give you the information you need to determine if they're a good

fit for your situation. Now, you might be thinking, wait a second, Taylor, you're a financial

planner. Don't you feel threatened by these automated solutions? Aren't they your competitor?

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