American investors expect robo-advisory services to play an integral role in their investments, according to a report by brokerage firm Charles Schwab.
Of the 1,000 American adults and 391 fintech firms surveyed, 58% said they plan to use a robo-adviser by 2025 and 45% believe robo advice will have the biggest impact on financial services.
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Robo-advisory services are online platforms that allow investors to plan their portfolios without the need of a financial advisor. They are commonly associated with fintech firms or online offerings of larger banks.
The study found 60% of millennials already use robo-advisory services, almost a quarter generation X and 46% of baby boomers. Over half of robo users were found to be female.
The findings comes after the news this week that the UK’s largest robo-advisor announced that it was offering personalised financial advice following consumer demand.
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By GlobalDataCharles Schwab vice president of digital advice and innovation, Cynthia Loh, said: “Along with all the benefits of automation, the desire to use a combination of technology and access to a professional when needed is clear – and that desire is consistent across age groups and types of investors.”
