LAS VEGAS -- History is filled with examples of industries, companies and professions overtaken by innovative, lower-cost competitors. With robo advisors taking market share from their traditional brethren, wealth managers are being urged to showcase how their services can make a real difference for clients and prospects -- or face the consequences.

Web-based advisors are offering their services at just a fraction of what traditional firms charge -- just 25 basis points -- said Judson Bergman, chairman and CEO of Envestnet, at an IMCA annual conference session on the threat and opportunity robo advisors present.

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