Forbes finance councilIn a recent article for Forbes, Covisum Founder and President Joe Elsasser, CFP®, outlined the benefits and shortcomings of robo-advisors. 

For many people, it is worth at least considering a robo-advisor. For a relatively low price, robo-advisors are reasonably good at managing asset allocation for a given risk level.

However, there are a few situations where relying on a person as your financial advisor is a preferable option. For instance, robo-advisors can't pick up on the changes in your life that impact how you're going to use your money, like a long-term medical need or an unexpected death of a loved one.

"You know your financial situation best. If you have a firm grasp of the details surrounding your financial goals and know the exact information you need to input, a robo-advisor might be a good fit. If you have questions surrounding your goals or a recent change in your life, it might be best to consult with a real, live person who specializes in giving financial advice to people like you and can help you navigate your next moves."

You can read the article in its entirety in Forbes.