The debate might be settled in the eyes of the Department of Labor. Robo advisers can and do act in the best interests of their clients; they do act as fiduciaries when it comes to giving advice for investment accounts, both retirement and nonretirement.
Want proof? The nationâ??s largest robo adviser â?? Financial Engines â?? sat front and center when the Labor Departmentâ??s unveiled in April its conflict-of-interest rule, which, among other things, says advisers must put their clientâ??s interest ahead of their own when it comes to giving retirement-account investment advice.
But others are suggesting otherwise; that robos donâ??t provide fiduciary advice.
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