Superwealthy are ALREADY using robo advisors to manage their stocks
Would you trust your finances in the hands of a robo-advisor?
Wealthy investors have been flocking to automated services in recent years, and even some major lenders are planning to integrate this technology.
Robo-advisors come at a much cheaper rate, often charging half of what a traditional broker would, and could be managing as much as $2.2 trillion in four years.
According to Bloomberg Business, brokerages including Morgan Stanley, Bank of America Corp., and Wells Fargo & Co. all have AI in the works to meet employee and customer needs.
This is in efforts to keep up with the growing popularity of robo-advisors, who are moving money for millennials and small investors along with financial giants like Wealthfront Inc. and Betterment LLC.
AI advisors generate investment advice using computer programs, and run at a much cheaper rate than traditional, human, brokers, who can charge at least one percent of the assets being managed.
An Aite Group study reveals that assets in automated portfolios spiked 210 percent in 2015.
This, however, reflects $50 billion of investments within the $20 trillion wealth-management market.
Still, these numbers are only growing, Bloomberg suggests.
More at site
Would you trust your finances in the hands of a robo-advisor?
Wealthy investors have been flocking to automated services in recent years, and even some major lenders are planning to integrate this technology.
Robo-advisors come at a much cheaper rate, often charging half of what a traditional broker would, and could be managing as much as $2.2 trillion in four years.
According to Bloomberg Business, brokerages including Morgan Stanley, Bank of America Corp., and Wells Fargo & Co. all have AI in the works to meet employee and customer needs.
This is in efforts to keep up with the growing popularity of robo-advisors, who are moving money for millennials and small investors along with financial giants like Wealthfront Inc. and Betterment LLC.
AI advisors generate investment advice using computer programs, and run at a much cheaper rate than traditional, human, brokers, who can charge at least one percent of the assets being managed.
An Aite Group study reveals that assets in automated portfolios spiked 210 percent in 2015.
This, however, reflects $50 billion of investments within the $20 trillion wealth-management market.
Still, these numbers are only growing, Bloomberg suggests.
More at site
