A report from Citigroup entitled 'Rise of the Machines: Retail Revolution' suggests that robo-advising is gaining traction with younger investors and looks set to become a trillion dollar industry. The note said: “We expectdownward pressure on advisory fees throughout the industry as the prevalence ofRobos picks up – likely causing a perceived/real impact on LPLA’s and RCAP’srevenues and margins.” The report, which was commissioned by Citi in partnership with McKinsey & Company, says that more than half (52%) of millennials aged 18 to 34 are planning on investing their money into an investment adviser. However, the report also states that 'there remains (and we think will always remain) a place for face-to-face quality advice'.
A report from Citigroup entitled 'Rise of the Machines: Retail Revolution' suggests that robo-advising is gaining traction with younger investors and looks set to become a trillion dollar industry. The report, which was commissioned by Citi in partnership with McKinsey & Company, says that more than half (52%) of millennials aged 18 to 34 are planning on investing their money into an investment adviser. However, the report also states that 'there remains (and we think will always remain) a place for face-to-face quality advice'.