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Charles Schwab

Larry Light: Robo advice is no threat

Are human financial advisers doomed, as hordes of robo advisers smash their staid business model under which humans counsel clients in person? Robo advisers are online services that, assembling investment portfolios for clients using digital tools, charge a lot less than living, breathing planners. Futurist Peter Diamandis has been warning old-school advisers lately that their stodgy, low-tech methods may render their firms obsolete. "Linear-thinking companies are being put out of business by exponential technologies," he says.. Diamandis points to the demise of Eastman Kodak, which invented the digital camera in 1975. The company ignored its discovery and clung to the legacy...