This is why Wall Street banks aren't scared of the robot army coming to destroy them
"I don't believe, at the end of the day, that [robo-advisers] are going to capture the high net worth audience. Advice, to me, is still the premium," said David Satler, COO with Barclays wealth and investment management group.
Satler spoke at SourceMedia's InVest event in midtown Manhattan Friday, where he was joined by senior wealth management executives from Citigroup and Merrill Lynch.
Oner person who agreed with Satler was Steffen Binder, co-founder of MyPrivateBanking research.
Binder said that robo-advisers take up a small portion of the wealth management market ("something like 0.1% of assets from investors worldwide") and that the robo-advisor business is easliy attacked by incumbants.
Binder also provided these charts:
Now, a closer look at the startups' expected piece of the pie:
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