Many web-based services have given investors with smaller portfolios access to advice that they wouldn’t otherwise get. And because these services charge lower fees — no need to pay human advisers, after all — that can increase returns on investments that track indexes.
But what has not been clear is what benefit, if any, these so-called robo advisers, which help investors with asset allocation and charge a relatively modest fee for the service, bring to high-net-worth investors.
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