Not solely Millennials and small traders are utilizing robo-advisers, however rich shoppers are drawn into AI investing expertise, which use pc packages to supply funding recommendation on-line. That scares banks, and that’s one of many cause they’re pushing to launch their very own variations of the automated investing expertise to compete within the new robo-advising atmosphere. It is going to be good for patrons because the charges will go down step by step. Robo-advisers usually cost lower than half the charges of conventional brokerages, which value a minimum of 1 % of belongings underneath administration. (bloomberg.com)