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Wealth managers believe human touch will limit the rise of robo-advisers

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When Mark Simmons was in college, he asked one of his teachers, a bank president, whether the growing prevalence of online banking might make jobs in banking obsolete. The answer: Absolutely not. In fact, people might even need bankers even more. Now a financial planner and portfolio manager in Baton Rouge, Simmons recalls that conversation when asked if computerized investment services, also known as robo-advisers, are a threat to his industry. Most investors will prefer working with a human, he says. “Money is such an emotional thing that most people have trouble trusting to a computer-generated plan,” says Simmons, president…

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