"...said that investors have started to become concerned about potential competition from the app in the wealth management industry.”

Are there concerns on this board regarding AI Apps disrupting the markets & our best laid nonAI financial investment plans?"

I'm not sure what you're asking because it conflates several things:

- Will "AI Apps" displace "non-AI financial investment plans" - doubtless to some degree. Are either "AI Apps" or traditional investment planners likely to do better than the dartboard, overall? Clearly not. Are "AI Apps" likely to damage the business model of Schwab etc.? Maybe. No idea how much of their income is driven by investment fees for (possibly) human investment advice today.
- Will "AI Apps" disrupt the markets - well, what is "disrupt"? Something that will permanently change valuation levels? Will cause increased volatility? Will cause a market shutdown after driving a Black Friday-style event? There's a huge amount of automated "programmed trading" going on already, is that "disruptive"?
- Are board members concerned about "AI Apps" disrupting their own financial plans - how many board members are using traditional financial advisers to do their investing? I suspect, not many. I'm not concerned.

I think the biggest risk is that with "agentic AI", the very same credulous people who piled into meme stocks and Robinhood etc. etc. will turn over their accounts to the agents, and suffer even worse results while taking even more money from those people.