Millennials and small investors are not the only ones taking up robo-advice; wealthy clients are also turning to the new technology in their droves.
That's according to the managing director of Accenture Wealth Management in the US, Kendra Thompson.
She told Bloomberg about 15% of those in automated portfolios at US brokerage Charles Schwab have at least $1 million invested with the company.
"It's real money moving," Thompson said. "You're seeing experimentation from people with much larger portfolios, where they're taking a portion of their money and putting them in these offerings to try them out."
She says traditional brokerages are coming under pressure to justify their fees as low cost automated providers like Betterment and Wealthfront gain traction.
"Now that they're starting to see the money move, it's not taking very long for them to connect the dots and say, 'Whatever I offer for a fee better be better than what they're offering for almost nothing," Thompson said.
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