Schwab’s robo move puts advisers on alert

Reporter Mason Braswell’s story “Schwab preps robo offering” about Charles Schwab Corp.’s likely entrance into the online…

Reporter Mason Braswell’s story “Schwab preps robo offering” about Charles Schwab Corp.’s likely entrance into the online advice space sparked some enthusiastic responses from real-life advisers. What was described by Schwab chief executive Walt Bettinger as a “groundbreaking” platform is seen by some as more like earth-shattering.
“I hope that all the independent advisers who are flooding Schwab with new “sticky money’ assets are paying attention. When your trusted business partner becomes your direct competitor, you ought to start worrying.”

— No one of Consequence, CFP(r)
“This is just another gimmick some marketing person came up with as the next big thing in the investment industry, similar to fund of funds, target date funds or Motif’s. This Too Shall Pass!” — Guest
“I don’t think it’s a gimmick. There are lots of people who pay an adviser thousands a year and feel they aren’t getting their money’s worth.” — Investor
“One more example that “Chuck’ is all about what’s good for Chuck.”

— No one of Consequence, CFP(r)
“Although in the late “90s it was predicted that online brokerage was either a fad or would put Merrill Lynch out of business, neither happened. Robo-advisers will one day be a standard part of the mix without putting anyone out of a job.” — Jack Wallace
“Robots put plenty of people out of work in the auto industry in Michigan.”

— Guest
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