Allocating and rebalancing a small portfolio

Choosing a mix of assets for a given horizon, rebalancing it when it drifts, and harvesting losses for tax are rule following, and the rules are public. A machine applies them more cheaply, more often and without the conflict of interest that came with commission, which is why the service reached households that no adviser would have taken as clients. It is contested rather than ceded because the money that matters still moves through conversations. Deciding how much risk a family can live with, talking someone out of selling in March 2020, handling a divorce, an inheritance or a business sale, and being answerable for advice under a fiduciary duty are the parts clients pay for, and the large automated services now sell access to human planners alongside the algorithm.