I'm talking about your retail wealth advisors. Not wholesale asset manager or hedge funds.
I'm talking about wealth managers, whether part of a wire house or an RIA. Not ultra high net worth, but rather focused on the average household (<$1m in assets).
Why hasn't this entire retail advisory industry been displaced by roboadvisors? Surely they don't generate any alpha over dumping savings in ETFs?
Curious as to why the trillion dollar retail advisory industry still exists. Thoughts?