When we talk about disruption, we are using the formal definition of Disruptive Innovation popularized by Harvard professor Clay Christensen: “an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a few years or decades), displacing an earlier technology.” Examples in asset management include index funds (Vanguard); ETFs (iShares); crowdfunding (AngelList); discount/online brokerages (Charles Schwab); and online wealth management (Wealthfront, Betterment). (See Picture 1).