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.”

Growth in robo-advice a global trend
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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