Dominique --

Many thanks for commenting. I think the constraint on the robo side in providing insurance, tax, business, and budgeting services isn't so much the fee but the relative youth of many of these services and the approach that the silicon valley mindset takes toward product development. I would expect robo advisers to "nail" investment management before they branch out to provide other services.

I totally agree that financial advisers should be rising to the occasion, but I don't think it's enough to simply provide a greater breadth of services at the traditional 1% fee. The important thing to remember is that anything that can be described as a workflow is something that a computer can do. So the processes that we use to provide each of the services that robo advisers don't can and will be automated.

So I agree with you that there is presently a significant gap in the services that are provided, but I don't believe that's a durable competitive advantage. Workflows will not fuel competitive advantage the way client preference will. My question to you is straightforward: can you combine these services in a way that makes your clients actually want to use them (as opposed to feeling like they have to)?

Will