Wealthfront

The firm’s 20-basis-point take will drop, says CEO Walt Bettinger.

The industry is generally skeptical of automated advice platform growth projections, which PwC sets at $800 billion over the next five years.

The top independents all state going public is a goal, but there are doubts about broad market support.

Personal Advisor Services closes in on the $100 billion AUM mark.

Demand from millennials has helped the strategy become an $8 trillion category.

The app allows users, many of them first-time investors, to get started for as little as $5.

The manager allegedly led a $33 million funding round for Scalable alongside the startup’s two existing venture capital investors.

The new offering is intended to offer passive index and ETFs that track markets as well as active.

"This space is getting more diverse, and change is coming from all directions," says Alois Pirker, research director for Aite Group's Wealth Management practice.

Bill Harris, head of the hybrid advice platform since its launch, will remain chairman.