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Growth in robo-advice a global trend

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.

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>Research from data and analytics company GlobalData’s Wealth Managers Survey found that the robo-advisory market is increasing in competition globally, with more start-ups entering the wealth management industry year by year.

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.”

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