The Boston, MA-based research firm has found that even the most automated advice platforms allow a client to reach a representative through a toll-free number or online chat, according to O'Shea, who said: “Virtually all digital advisors allow a consumer to connect with a human representative.”

He added: “The term robo-advisors is deceptive because most robo-advisors offer clients access to a representative via the telephone, web chat, or video chat.”

With that said, a recent report assured that the value proposition of “robo” advisors, which are seizing trends related to the democratization of technology and changes in investor behavior, is not a threat to the high-end wealth management sector as these players are constrained by the very factors that make them so desirable.

Although robo algorithm-driven platforms combine a “state-of-the art” user experience with low fees, transparency and low minimum levels of investment, they have limited product offerings. Additionally, Millennials may not be as “sticky” as their needs become more complex, and their low-fee model forces them to focus on small, less profitable accounts, the report by TABB Research said.