I see what you're saying. Agreed, there are barriers to entry and the market is competitive.
I think one place we haven't been clear yet is what wealthbot.io does. He doesn't actually generate recommendations on position allocations. He is a platform for advisors to set up their own risk questionnaire and tie that risk questionnaire to a portfolio of the advisors creation.
So, betterment (for example) offers something called betterment institutional where the advisor has to pay that same .1-.3% of AUM to provide those services to her clients.
This ends up costing the advisor hundreds of thousands of dollars every year.
Or an advisor could pay someone like (future) you, who's familiar with Vagrant and knows the wealthbot platform inside-out, to implement wealthbot.io at her firm for a 1 time fee.
Are you saying all software used by RIAs has do be vetted and audited by FINRA or a CRCP? I don't believe this to be true.
We don't offer advice, only code.
Could you point me to a few custodians or broker/dealers that provide portfolio management & rebalancing software for free? We haven't found any, but def don't have the same experience as you, so maybe we're just missing something.
What's even cooler, thought, is that this "dummy data" is loaded with fixtures. Meaning we can update it and next time you or I install wealthbot.io, no more poorly worded question!
Another gif - http://i.imgur.com/1QATMeC.gif
Finally, a quick note on robo advisors. These are great services, wealthbot.io doesn't compete with them. That being said, there is no such thing as a free lunch. Be weary of Schwab's portfolio suggestions, as the CEO of Wealthfront mentions in this article - https://medium.com/@adamnash/broken-values-bottom-lines-3d55...
I think one place we haven't been clear yet is what wealthbot.io does. He doesn't actually generate recommendations on position allocations. He is a platform for advisors to set up their own risk questionnaire and tie that risk questionnaire to a portfolio of the advisors creation.
Questionnaire shows risk rating = 20? Assign portfolio with risk rating = 20
It's up to the advisor to create a risk profile questionnaire and the portfolios.
Otherwise, I think we're on the same page. This is a tough regulatory market and there are a lot of (confusing) options out there for advisors.