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Digital advice increasingly popular for HNWs
Digital advice increasingly popular for HNWs
Robo-advice is becoming an increasingly popular tool among high-net-worth individuals as the range of services offered continues to increase, according to Finovate.
The "myriad" financial needs facing Millennials, coupled with increasing longevity risk confronting older investors, have driven change in the robo-advice space, with the improving abilities of such services now extending beyond "traditional boundaries", Finovate research analyst David Penn says.
"The growing capacity of robo-advisers to help manage other aspects of personal finance supports a more expansive view of wealth management and financial planning," Mr Penn said.
"This includes everything from healthcare planning, insurance, even real estate, education and leisure."
As robo-advice becomes "both more sophisticated and more accepted", wealthy investors are increasingly making use of these services to manage parts of their finances, Mr Penn said.
"Catering to high-net-worth clients, according to some, involves both greater technological sophistication on the part of robo-advisers, as well as more extensive customer service," he said.
"Specifically, high-net-worth clients may require access to more complex investment vehicles, including non-equity investments, as well as more advanced rebalancing and tax harvesting than the average investor."
Fintech services designed to help high-net-worth individuals manage their wealth are emerging in the market, Mr Penn said, adding that high-net-worth individuals already using these services increased their investment from 5 per cent to 20 per cent in the last two years.
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