Hoopla around nominally free portfolio population and rebalancing tools exposes deep divide between self-directed “mass affluent” and high-net-worth advisory cultures.

Charles Schwab’s advisor-focused “robot” portfolio program only went live last week and hard industry lines are already forming between people who are convinced it’s an evolutionary leap and those who think it’s an extinction event.

On one side of the argument, every advisor needs to embrace automation in order to compete. But on the other, fears of a Terminator-style robot revolt run deep, feeding suspicion that the days of human advisors are numbered.

From everything I can see, the truth is somewhere between hype and hate. And the early numbers indicate that higher-end wealth managers may be pretty far from the “hype” position.

Yes, advisors – especially those who are already racing to the bottom – need to evolve or find themselves squeezed out of the industry.

Read more at Iris.xyz.