Technology is becoming more prominent and useful across the whole of wealth and investment management. Nonetheless, industry-leading research and market practitioners alike strongly suggest: humankind and the marketplace are nowhere near ready to shake free of the human connection.

Robo-advisory, where more and more of investment decision making is being informed by artificial intelligence and then executed and supported on digital platforms is already well-established and certainly still on the rise. BusinessWire, for example, expects a combined average growth rate in robo-advisory services of over 40% between today and 2026.

But it is not enough for investment and retirement planning to be carefully conceived. To be successful a plan must be fully-exercised – emphasis on execution. Here, a Deloitte report on robo-advisory and investment psychology shows that the machines may not be fully up to the task.

Deloitte believes investors may of course be able to obtain valid insights from robo-advisors. But even so, they are left with “fraught” choices. These, the report explains, are decisions that remain “complex and difficult for humans in that they require specialist knowledge, are made infrequently, do not have immediate feedback, and have important effects that are only experienced in the distant future.” Put another way, you may lead a horse to water but you can’t make him drink.

Ryan C. Olds, CFP® professional and principal at Ridgedale Financial Planning LLC in Northeast Ohio “welcomes” the rise of robo-advisory as it serves to, in general, increase knowledge and awareness in wealth management. Such tools can provide new investors with a better understanding of investment fundamentals and concepts.