"The investment world is being buffeted by several disruptive trends. One is the rise of robo-advisers, which provide algorithm-based investment advice without the help of humans. These allow lower minimum balances, have lower trading costs, and often even offer access to humans. Demographics are also forcing changes, as Baby Boomers are decumulating now rather than investing, more women are earning higher incomes and need more investment advice, and young people increasingly prefer to pay fees rather than commissions. This Report examines these trends and the effects they are having on the investment world."