Robo advisor is a software used to help investors to manage their investments, funds, and portfolios online with less human intervention. It gathers all the relevant information, such as risk tolerance, investment timeline, and returns with their savings from clients via an online questionnaire. Robo advisor utilizes algorithm calculations in order to analyze the data and provide broad asset allocation approach that meets the goals of the investor. The robo advisory market has recorded continuous investments for its advancements & developments and has become a huge contributor to the economic growth.
COVID-19 Impact on Robo Advisory Market
The outbreak of COVID-19 across the globe has favorably impacted the global robo advisory market growth. The positive impact on the market is majorly owing to the acceleration in digital transformation across the globe due to lockdown restrictions. The spread of the coronavirus has forced accountants and advisers to shift to online meetings from direct face-to-face ones, collaborate digitally, and assist small businesses in preparing for tougher times. In addition, countries with lower community mobility and more stringent coronavirus policies experienced a larger increase in financial app downloads during the pandemic period. The pandemic has already amplified the shift to digital payments and has also intensified e-commerce, which is benefitting big tech firms and their activities in finance. All these factors have progressively impacted the global robo advisory market growth.
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Robo Advisory Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global robo advisory market growth in the upcoming years.
For instance, in August 2019, Wealthfront, an automated investment service firm, completed the acquisition of Grove, a robo advisor providing financial plans to clients. According to the company, the deal will accelerate the Self-Driving Money’s development, which is the Wealthfront’s technology-laden vision for the future of wealth management. With Self-Driving Money, client paychecks will be deposited directly onto the platform, investment accounts will be funded properly, bills automatically paid, and emergency funds topped off.
In June 2020, Vanguard Group, the leading provider of investment management and advisory services, expanded the reach of the second-largest money manager across the world to a younger clientele by launching a robo advisory service that cover key elements of long-term financial planning at low cost. The automated service namely, ‘Digital Advisor’ is aimed at younger investors and cuts out human financial advisers entirely.
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Forecast Analysis of Global Market
The global robo advisory market is projected to witness an exponential growth over the forecast period, owing to the increasing usage digital technology and automation in wealth management. Conversely, the lack of expertise and the high initial cost of robo advisory are expected to hamper the market growth in the projected timeframe.
The significant rise of the robo advisories in the FinTech is the significant factor estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global robo advisory market is expected to garner $59,344.5 million during the forecast period (2021-2028). Regionally, the Asia-Pacific market is estimated to observe lucrative growth by 2028, owing to the largest and fastest growing middle class in terms of net worth in the region, as well as the presence of more high net-worth millennial entrepreneurs compared to the United States.
The key players functioning in the global market include
- Charles Schwab Corporation
- Betterment
- The Vanguard Group, Inc.
- FMR LLC
- Ellevest
- WEALTHFRONT CORPORATION
- SigFig Wealth Management LLC (Nvest, Inc.)
- Acorns
- Banco Santander S.A.
- T. Rowe Price.
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