easy. Through the use of algorithm-driven online platforms, these robo-advisors provide cutting-edge investment management advice.
According to research done by MyPrivateBanking, an estimated $19 billion worth of assets are currently being managed by robo-advisors as of December 2014. In terms of the future, by 2020 assets under management of robo-advisors is forecasted to increase to $255 billion. Although the use of this enhanced technology is only present in the United States and Europe, the growth in use speaks to the potential for globalization.
Not only does robo-advising offer portfolio recommendations, management, and monitoring, but these online companies, such as Betterment, also provide educational programs to its customers.
Many financial experts have turned to robo-advisors in order to assist them in making financial decisions. The countless benefits of robo-advisors include convenience, time efficiency, better online user experience, more transparency, and low fees among other things. Although there are still some downsides to choosing robo-advisors over human financial advisors, the financial field seems to be evolving as a result of the rise of technology.