Evolution of Automation in Wealth Management: A Study of Asian Countries
The financial industry is changing face with the emergence of automated investment services tools, termed “robo advisors.” Robo Advisory has changed the style of working of every individual in every field. Many wealth management firms have adopted robo advisory services to aid their clients for optimizing portfolio and for various other services. This study is focused on use of robo advisory, difference between traditional advisors and robo advisors, types of robo advisors in different countries, scope of robo advisors in India. The information gathered for this paper is based on secondary data collected from journals, reports, internet, published articles. This paper analyses how robo advisors work in wealth management and in what basis they are different from traditional investors. As per Asian countries they have been bifurcated in advanced, developing, emerging and nascent stages. This paper is useful to cater the need of robo advisors in India in wealth management and in other areas. This paper tries to highlight the hybrid model of human intervention and robo advisors in wealth management which adds novelty to the study.