Traditional advisors, of course, quickly point out that a web-based formula for recommending asset allocations and funds is a far cry from having a personal relationship with a planner who provides customized services for each individual’s unique needs. The challenge, of course, is conveying the value proposition of customized advice when pitching services to prospects.

With that in mind, advisors should be prepared to highlight how comprehensive financial planning can help clients avoid common mistakes that can lead to financial ruin. Ideally, advisors should highlight how they have steered clients clear of making major financial blunders.

Risk management, for example, is fertile ground for illustrating how robo-advisors can leave investors vulnerable to costly mistakes. Advisors can point out that most investors think their most valuable asset is their home. In reality, an individual’s ability to earn income is their most valuable asset and one that should be protected with disability insurance, including supplemental insurance that provides protection beyond what employers may offer.

To emphasize this point, advisors may want to describe the following hypothetical scenario. Imagine that an investor with $1 million in investible assets has an annual salary of $150,000. By investing in equities, the individual generates an 8% return, or $80,000, over the course of a year. The same individual has a workplace disability policy that offers 90 days of income replacement at 80% of the person’s salary.

If the individual becomes injured and is unable to work for one year, he or she will receive $30,000 from the disability program. If the disability premium was paid for with pre-tax dollars, the $30,000 will be subjected to taxes. Under a best case scenario, the individual may also qualify for the maximum Social Security disability payment of approximately $2,600 a month, or $31,200 for the year. So, by the end of the year, the client will have less than $61,200 in income replacement. In other words, the lack of long-term disability insurance will cost the client significantly.

The mistake of failing to buy long-term disability can be even more costly if the individual is unable to work for an even longer period of time. Suddenly, the value of an 8% return generated by a robo-advisor that failed to advise the client to buy long-term disability insurance seems inconsequential. A similar argument can be made with life insurance. That is, a client who is the provider of dependents, such as a spouse and children, will need life insurance with a payout that will be big enough to generate sufficient income for survivors upon the individual’s untimely death.

Advisors should also be prepared to explain how they can help prospects assess retirement savings needs and how to maximize Social Security benefits. For example, many investors are unable to estimate how large of a retirement nest egg is needed to generate a fixed amount of income. While robo-advisors may have online calculators for estimating savings requirements, advisors should be able to explain the nuances of retirement savings, such as the tax treatments of traditional 401(k) plan assets or Roth assets and explain strategies for providing guaranteed income payments, such as purchasing longevity annuities.

Advisors can also emphasize that they can help prospects view their retirement goals and assumptions from various perspectives. A substantial percentage of American workers, for example, is forced to retire before their targeted retirement date because of failing health or due to having to care for a sick spouse. Advisors should therefore be prepared to explain that the possibility of being forced to retire early should be included in retirement planning and offer strategies, such as increasing retirement plan deferrals, to manage the risk of a career ending prematurely.