Robo-advisers must do more than help millennials build wealth

Robo-advisory services are often associated with millennials. This makes sense since these services' client base skews younger than that of traditional wealth management firms. Wealthfront, for instance, has previously reported that 60% of its customers are younger than 35, while Betterment has said that 75% of its customers are under the age of 50. Robo-advisers also offer features that millennials prefer: simple and transparent fee structures, an intuitive digital user experience, and personalization based on the user's appetite for risk. Plus, today's robo-advisers are aggressively positioning themselves as the millennials' answer to traditional, stodgy wealth management firms, as evidenced by their marketing campaigns.