Financial advisors have little choice but to embrace the low-fee environment in their industry caused by tech innovation, according to the chief executive of Vanguard, Bloomberg writes.

Technology has already commoditized such areas of wealth management as fund selection, portfolio rebalancing and tax optimization, Tim Buckley said at a recent conference in Hollywood, Fla., according to the news service. So while traditional advisors were once able to charge $20 per $1,000 for such services, some robo-advisors already charge as little as $2.50, Buckley said, according to Bloomberg.

Vanguard’s own hybrid advice platform Personal Advisor Services, which combines human advisors with algorithms, charges $3 for every $1,000 — and the service has already attracted over $100 billion in just a couple of years, the news service writes.

To stay competitive, advisors should instead focus on “behavioral coaching,” such as guiding clients to stay in the market during downturns and steering them away from investing everything in Bitcoin, Buckley said, according to Bloomberg. Traditional advisors can also prosper by offering tailored advice on long-term care and financial planning, according to Buckley, the news service writes.

Down the line, however, advisors may have to adjust yet again. Currently investors still want to discuss their financial goals before having someone tell them how to achieve them, “so there was always this need for a person,” Buckley said, according to Bloomberg. “But that doesn’t mean that there will always be this need.”