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If I've learned anything in this industry, it's that a machine can easily do personal finance, and do it better. And cheaper.
Big guys like Schwab are still charging larger fees on it to take for legacy infrastructure + bloat. So. They're going to stick around -- the only way to get rid of them is to buy them.
Definitely disagree with OP. If anything, both of the robo advisers you just named ought to be acquired by another asset manager or a wealth management outfit. See: FutureAdvisor + BlackRock
I disagree. Huge structural change in banking across. I am looking for customized ETFs portfolio as the future. Its adapt or perish.
The big guys like Schwab are providing the same thing and they'll never be able to compete with them. It's not about if it's a machine it's about who owns the machine.
It's really about AUM I feel, besides I remember Charles schwab putting an unreasonable amount of the investor's investment in cash holding, where the money is effectively not working for you, Adam Nash the ceo of wealthfront had written an article outlining the opportunity cost for investors for doing this over the long term with such a strategy. The bigger players can't help themselves with their fee structure, besides once players like betterment and wealthfront have built a critical mass of user base with millennials, the AUM keeps growing much like a social network membership.
Why do you say that?
https://medium.com/@adamnash/broken-values-bottom-lines-3d550a27629#.uf724ng5c here is the article
I'm an investment banker, I'm using acorns as my main investment channel aside from 401 and a property
^just started on acorns last week. Its fire!