Robo-advisors are digital platforms that provide automated investment strategies and offer solutions in three key areas: (1) access to and rebalancing of passive and rule-based investment strategies, (2) cost-efficient implementation of a diversified asset allocation, and (3) behavioral biases. We compare and estimate the costs between traditional investment advice and robo-advice solutions on these three levels. In total, robo-advice solutions can save costs up to 4.4% per year. learn more on SSRN