I agree with Patrick&#x27;s top point, but I think many people mistake the role of the financial advisor. (I used to work at FutureAdvisor, which was bought by BlackRock last year and is now providing robo-advice through institutions, so I know a little about the space, and have learned from others who know more.)<p>One of the main roles of a financial advisor, for people with $50MM or more, is to act as a relationship broker. They put very wealthy people in touch with other very wealthy people; e.g. &quot;If you&#x27;re going to be in Hawaii, you might want to look up X, who&#x27;s doing some really interesting things in this sector...&quot;<p>Brokering relationships is more than facilitating interesting conversations. It helps the FAs&#x27; clients build their businesses. For example, if you happen to be a venture capitalist who already made your first fortune, and you&#x27;re looking to raise from LPs, then a financial advisor might introduce you to their other clients, such as Family Y, which lives off the rents created by their 19th-century match-book empire.<p>A lot of people don&#x27;t realize that FAs are doing a lot more than running your numbers, and insofar as that&#x27;s all they do, they <i>will</i> be replaced by robo-advisors.