They may be presented as disruptors of the wealth management industry. But robo advisors have their doubters even among the digital-first crowd, who worry the business model is unsustainable without achieving massive scale, AUM and premium features that people will pay for.

“One of those three things is what they will need to build a company around if they want to outlive this initial influx of VC money that’s really keeping them going right now,” said Tad Z. Slaff, co-founder and CEO of Inovance, during a fintech conference on Thursday in Jersey City, N.J. “Right now it’s in danger of being commoditized. It’s a race to the bottom on who can have the lowest fees.”

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