A few thoughts, rambling perhaps.

It would be bewildering if individuals who spent a lifetime building a nest egg moved en masse toward a robo solution that applies a few back-of-the-envelope calculations and ends up buying SPY anyway. This money they have is their entire life; I can't imagine they will treat it with callous regard. It's the job of the advisor to explain in great detail the client's holdings, the risks, the plan. To answer the phone. To answer the same question three different ways until understanding is reached. Hold their hand through the process, the same as a physician should hold your hand if you fall ill. How many individuals polled agree with the statement, "I'm satisfied with the WebMD diagnosis I received after answering 5 questions?"

With this in mind, I agree with Mr. Ross: why would I pay someone to buy SPY for me? Why should I pay extra for a boiler plate 10 year term?

The CEO of Betterment said they'd employ 1 advisor for 10,000 clients. Clearly, service is an afterthought; this is the independent advisor's edge. The edge is in providing an understanding, in providing a confidence.