If a Robo Advisor is just a front-end to SPX...is it really an Advisor? If I have to pay money for such advice, then it's just a middle man working for transact

If a Robo Advisor is just a front-end to SPX...is it really an Advisor? If I have to pay money for such advice, then it's just a middle man working for transaction fees. >Did you mean real returns in excess of some alternative? I would define real returns as that quality on the "return" which exceeds those qualities of the original investment. It's not just a matter of comparing the absolute dollar amount (assuming $ denominated measurement) that was given to the amount that was received. The realized return must have some new quality about it; probably, this is typically talked about as "purchasing power", or similar.