Robo-advice, supposed to be the latest and greatest (or not, depending on your point of view), has just taken a turn for the weird.
The launch of Schreiner Capital Management's ALTS offers robo-clients the chance to invest on a platform that includes both alternative strategies and actively managed mutual funds.
The new platform came online this week to very mixed reviews, with Ric Edelman, founder of Edelman Financial Services, definitely coming down on the unfavorable side. He was quoted saying in reports, "I don't know any online advice platforms that use active management, but I also don't know of any bakers that add cyanide to their cupcakes."
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