A robo-adviser is an online wealth management service that provides automated, algorithm-based advice without human intervention.

It processes investor details such as age, time frame, investible amount, risk profile and such inputs and generates a financial plan accordingly.

Depending on the sophistication of the platform, robo advisory services implement the plan in terms of allocation and specific product selection.

Robo advisers can perform several tasks including reports, MIS, alerts, reminders and review of the portfolio.

The convenience and transparency is high in robo advisory, though costs and reach will depend on the service provider. As they scale up, costs drop.

Robo advisers also enable customers to seek and benefit from financial advice, using a technology interface without having to interact with a human adviser.