TD Ameritrade has finally discussed their role in the burgeoning automated investment management industry. The company is taking the stance that allowing advisors to choose from multiple services will be the best long-term strategy. TD advisors will be able to choose which, if any, robo-advisor they would like to partner with.
While some advisors reject the technology and focus on the traditional approach of individually creating asset allocations, some advisors see this as an opportunity to increase their technological abilites, allow their salesmen to focus solely on selling, and as a tool to garner assets on a platform which could lead into traditional wealth management over time.
Through its Veo platform, TD Ameritrade will allow access to offerings including Future Advisor, SigFig, Trizic, Financial Engines, Edelman Online, NestEgg Wealth, Uside, and Jemstep.
This news comes as Fidelity has chosen to partner with Betterment to offer robo-advisory services to it's RIAs. The ever-changing advisory landscape continues to evolve with the "white-labeling" of robo-advisory services and we expect the competition in this space to continue to increase. All-in-all, this continues to benefit the end customer as competition will breed cheaper and better platforms and services.
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There are many roboadvisors to choose from; each with distinct characteristics and a wide variety of services offered. We break down the similarities and differences between these firms here at The List.