A Digital Financial Advisor is a combination of a RoboAdvisor and a conventional financial planner. It provides comprehensive analysis of your finances through digital medium and is complimented by a dedicated advisor.
A RoboAdvisor focus on analysing Investments and constructing portfolios and ends up with transaction service. They do not consider your current financial situation and advice you on how to improve it. The service is fully automated without scope for any human interference. They rarely do consider your current holdings. They provide you optimised portfolios which will replace all of your existing holding.
A Digital Financial Advisor will have different algorithms for portfolio construction, insurance requirement analysis, cash flow planning, debt management and goal planning. They usually have an integrated planning approach whereby they integrate the goal planning with cash flows. They will also provide a dedicated human advisor to whom you can communicate either through mail or chat and gets your doubts cleared. A Digital Financial Advisor usually provides FEE ONLY Financial Planning only.
PrognoAdvisor is India’s first Digital Financial Advisor providing FEE ONLY Financial Planning program.