Since launching more than a decade ago, robo-advisors–online investment services that offer financial advice driven by algorithms–have grown into an industry that managed $460 billion in 2020.
That’s a 30% increase compared to 2019.
Some analysts predict robo-advising will become a $1.2 trillion industry by 2024.
“Investors historically have had two options when it comes to managing their investments. They could do it themselves through something like an online broker or you can work with a financial advisor,” said Brian Concannon, head of digital advisor at Vanguard.
“Now, with the advent of robo-advisors, there’s a third option, and that’s to merge the benefits of professional money…