Digital investment managers — sometimes called robo-advisors — like Nutmeg in the UK and Betterment and Wealthfront in the US use the internet to offer to retail investors managed accounts at much lower fees than established asset management, life insurance, and wealth management firms do. They use software to create and rebalance customized, diversified portfolios on a schedule that minimizes costs and taxes. Read this report to learn who the main players are, to assess their disruptive potential, and to understand how to outflank them. This is an update of a previous report published in June 2014; Forrester reviews and updates it periodically for continued relevance and accuracy.