We can add another job to the ever-growing list of jobs being taken over by robots – investment adviser.
Although this one might be a little far-fetched at the moment, and human opinion is still highly valued, but ten years ago, who would have thought we'd have driverless cars, and were actually considering removing the steering wheel from the vehicle altogether.
Still, richer individuals seem to have noticed an important potential in robots as advisers, and everyone else seem to have noticed them noticing.
This is the main finding in the report "Investors’ Attitudes towards Robo-Advisors – Evidence from the US and the UK " by Swiss research company MyPrivateBanking Research. It asked 600 affluent and wealthy investors in the US and the UK, and 70 per cent of them believe such tools can have a positive impact on the wealth manager’s advice and decision-making process.
Security is the main concern in 34 per cent of the cases, while trusting robots too much and failing to do your own research was considered an issue in 56 per cent of cases.
“Our survey results underline how particularly the young and the wealthy show a great openness, awareness and knowledge about robo advice. Interestingly, the adoption of automated wealth advice is happening faster in the high-net-worth segment than mass affluent with current usage of online wealth management tools at 43 per cent and 17 per cent, respectively.” states Carmela Melone, Analyst at MyPrivateBanking Research.
“The results provide clear, empirical evidence on why automated advice and robo services are a significant part of every wealth manager’s future.
The full report can be found on this link.