Summary: My vision for the months and years to come tells me that a number of well-funded, low-cost online portfolio management services - what many in our industry dismissively call "robo advisors" - are going to disrupt the lives of planners who have the grave disadvantage of being made out of flesh and blood. Before long, online asset management firms like Wealthfront and Betterment are going to pour their venture capital dollars into widespread advertising campaigns. Smart advisors will compete head-to-head by anchoring their value to clients on their advice, rather than their portfolio management.
 Ultimately, I believe the flesh-and-blood competitors in this gladiatorial arena will prevail, spilling silicon powder and machine oil all over the killing floor. But the online firms will have challenged the profession and ultimately forced it to evolve. Eventually, you'll thank them for it."Bob Veres, Publisher, Inside Information. |
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