Not only Millennials and small investors are using robo-advisers, but wealthy clients are drawn into AI investing technology, which use computer programs to provide investment advice online. That scares banks, and that’s one of the reason they are pushing to release their own versions of the automated investing technology to compete in the new robo-advising environment. It will be good for customers as the fees will go down gradually. Robo-advisers normally charge less than half the fees of traditional brokerages, which cost at least 1 percent of assets under management. (bloomberg.com)
Banks are Scare That AI Disrupting Financial Advisers
