My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning. We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:08 - (First Question) – History of financial planning/advice model 5:26 – Fee changes in the 1970’s 10:01 – The start of the AUM model 10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors             11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors 18:20 – Why are humans still dominating the space 23:58 – Future of advisor fees 32:50 – Viability of the human driven flat fee model 37:50 – The dominance of flat fee models 43:13 – What services are financial advisors offering to justify their fees 47:17 – Dimensions to divide potential customers 52:20 – Exciting updates on the investment side that will help differentiate managers 55:37 – Any investment function beyond the basics that is intriguing to him 58:45 – Most interesting problems to be solved on the investing and non-investing sides 1:04:52 – Advice for young advisors 1:09:24 – How does he invest his own money 1:11:31 – Kindest thing anyone has done for Michael   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag