A new survey reveals the robo-advisory is increasing in competition across both the Asia-Pacific and European markets.
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 Woldemichael, 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-advisors 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.”