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Thanks for sharing these insights.

Curious for your thoughts on the fees assessed by robo-funds compared to something super barebones like Vanguard's index funds that you can manage your own allocations on.

Do you see fees charged by these guys as largely overpriced for what they offer since they aren't offering these other services? Would you say the majority of the value you add is from these other services?

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I'll just say that when it comes to algorithmic portfolio planning, I think there will continue to be downward pressure on the fees that can be charged. Basic portfolio planning and diversification services are clearly becoming commoditized. The traditional high-touch personal wealth advisor will still provide value to their clients, and both clients and advisors will ultimately benefit from the improved technology that handles the actual portfolio management chores.

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