While investment firms have always had to distinguish their offerings over seemingly equal business rivals, the advent of digital investing has opened up an entirely new chapter in the competitive landscape, raising the stakes to a new level.

The millennial wild card and changing needs of more affluent baby boomers are just a start. Tech-savvy millennials have demonstrated a willingness to use robo advisory services as a way of lowering the threshold for management fees, while their Boomer parents or grandparents have a dawning sense that asset management can come at a lower price.

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