"Schwab’s robo-effort remains a subject of some fascination for us. Schwab has started an RIA that charges no fees but tells the SEC that it does and jumps into such an underserved niche that it won’t compete materially...with either the RIAs who use Schwab as a custodian or the other RIAs Schwab owns. That is a venture with moxie. So as Bo Lu says in the attached article, this is the first act of a play and the suspense builds as details emerge. The Charles Schwab Corp. is anticipating that its robo-advisor effort will attract $400 billion of assets and steamroller the competition.

http://www.riabiz.com/a/4992595629441024/schwab-spills-robo-beans-to-wall-street-including-a-schwab-bank-wrinkle-cannibalization-rates-and-the-algorithms-distaste-for-onesource-funds