Growth in robo-advice a global trend
Traditional advice is losing market share in the wealth management space due to global growth in competition in the robo-advice market, a new survey reveals.
According to GlobalData wealth management analyst Sergel Woldemicheal, traditional wealth managers across the globe in previous years had a widespread level of agreement that robo-advice would seize market share.
“However, as of 2018, the level of agreement that Asian-Pacific and European wealth managers will lose market share to robo-advisers is beginning to align,” Mr Woldemicheal said.
“For traditional wealth managers to reduce the risk of losing market share, they would benefit from introducing a digital investment platform.”