There is legitimate value added by robos that aren&#x27;t accessible from target date funds.  As to how valuable, it is up to the individuals to decide.<p>- tax-sensitive allocations (i.e. munis in taxable account, reit, total bond in tax advantaged account)
 - Continuous tax-loss harvesting
 - Continuously adjustable allocation
 - forecasting and allocation advice
 - &quot;goal based&quot; accounts<p>Also user experience is worth something for some people:
  - UI&#x2F;Apps
  - statements, trade confirms, tax forms
  - electronic only (no reams of paper sent to you)
  - ease of transferring funds in&#x2F;out<p>Also note that it can be cheap.  WiseBanyan is presently free (charging 25bp to turn on TLH).  Betterment at 15bp ends up being only 10bp more than Vanguard&#x27;s Target date funds funds at 18bp.