Since most actively managed mutual funds can have a tough time meeting their benchmarks — Morningstar data indicate that only 30 percent succeeded in 2014, down from 46 percent in 2013, while at the same time the S&P 500 was up 44 percent — Edelman might have a point, particularly since the essence of robo-advice means that no one (human) is actively checking to be sure that investments continue to meet the investor's goals and needs.

While robo-advice platforms rely on online tools to determine such things as investor risk tolerance, time horizon and investment objectives, ALTS does too, offering nine different risk-based models and matching investors to the one it deems most appropriate. In addition to equity and bond funds, the platform also offers alternative managers that use hedging strategies. 

Although robo-advice can be pretty hands-off, there is one potential for human intervention on the new platform: ALTS investors can reach a real live investment advisor via email or by phone. The investment minimum is $100,000, which is more than the usual robo platform requires, but the fee is 0.5% of assets per year. That's considerably lower than the fee Schreiner Capital Management charges its offline clients — 1.95 percent. 

Whether the savings on the fee proves to be worth the risk of using actively managed investments on a robo platform remains, of course, to be seen.

Also read: Beating robos at their own game