Not solely Millennials and small buyers are utilizing robo-advisers, however rich purchasers 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 purpose 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 purchasers because the charges will go down regularly. Robo-advisers usually cost lower than half the charges of conventional brokerages, which price a minimum of 1 p.c of property beneath administration. (bloomberg.com)