A 401(k) From a Robot? Digital Advice Pushes Further Into Consumer Finance

August, 9 2016 | Prashant Mehta

wsj logo“I’m not sure the venture capitalists ever really realized how tight the margins are in wealth management. There’s the cost of trading, the people and the disclosure,” says Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York, which offers a “robo” solution to the 4,000 independent advisers on its platform. “Automation is a good idea, but it really takes significant assets to get to the lowest cost.”

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