Charles Schwab & Co., Fidelity Investments and E*TRADE are the standard bearers in the march toward a brave new era of algorithmically juiced wealth management in which $66 billion in revenues is up for grabs. But don’t think “robo” — as in Nutmeg, Wealthfront, Betterment or SigFig. Don’t even think “digital” or “automated” Think “virtual.” A new “McKinsey & Co. report published on Monday indicates that the prospects for robo-advisors are in no way proportional to the remarkable hype accorded to them. “So far it is not clear whether these firms can move beyond simple investment solutions, capture non-millennial investors at scale, or replicate the trust and intimacy of a human advisor,” reads the report entitled “The Virtual Financial Advisor: Delivering Personalized Advice in the Digital Age.”

http://www.riabiz.com/a/4984545384333312/mckinsey-robo-advisors-have-a-cloudy-future-but-virtual-advice-delivered-by-24-hour-super-centers-experts-and-algorithms-will-win-the-day