(New York)

Speaking at a large ETF conference yesterday, the head of Vanguard has a big warning for all advisors. He said that the industry needs to change rapidly or face a huge loss of jobs. Citing evidence that almost 60% of advisor jobs may be lost to automation. He argues that portfolio construction and rebalancing are now super cheap commodities and that advisors should instead focus more on managing client behaviour, which will be a continued niche.

FINSUM: This was a pretty grave warning for advisors. We are not sure the outlook is so bleak.