First, we have always said that they business of robo-advisors will be dominated by the custodians like Vanguard and Schwab, and that has turned out to be the case. They have a built in cost advantage in that they manage their own funds. So, they can either offer a portfolio for free (Schwab), or financial planning for a low cost (Vanguard, 0.3%). This doesn’t mean that there isn’t room for 10, or even 20 successful hybrid or robo-advisors, it just means that they need to scale for the business massively to be profitable at a low fee level, or, they need to keep headcount low and have a low cost of client acquisition, or be high fee and offer a lot of value to someone. The 20th biggest ETF manager still manages over $3 billion in assets so we think there is plenty of room for numerous players. Most investment managers and advisors will roll out a digital RIA offering of some form in the next three years.