Robo-advisors are growing in popularity. Can they really replace a human financial advisor?

cnbc.com:

Robots want to be your next financial advisor.

Not too long ago, that notion may have smacked of sci-fi whimsy — «Star Wars» cyborg C-3PO in a power suit on Wall Street, perhaps.

But robots, or so-called «robo-advisors,» may soon manage more than $1 trillion of Americans' wealth.

These aren't actually tangible robots; they're algorithms companies have developed to automate digital investing. Plug some details (age, savings goals, risk comfort) into a computer or phone app and the algorithm assembles and manages a personalized investment portfolio just for you.

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But is a robo-advisor right for all investors? Is a human better-equipped for the task of money management and financial planning?

«It's suitable for some people and not for others,» Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C., said of robo-advisors. «If you play golf, it's just a different golf club.

»Sometimes I use my 7-iron and sometimes I don't — it just depends on where I am."

Robo-advisors for the everyday investor began popping up around 2008, the year after the iPhone made its public debut.   

Just over a decade later, robo-advisors were managing about $785 billion, according to Backend Benchmarking, which specializes in research on digital advisors.

Dozens of firms have built their own models to capitalize on popularity and an ascendant digital culture.

They include independent shops like Betterment, Personal Capital and Wealthfront; traditional Wall Street brokerages like