Not solely Millennials and small buyers are utilizing robo-advisers, however rich shoppers are drawn into AI investing know-how, which use laptop packages to supply funding recommendation on-line. That scares banks, and that’s one of many cause they’re pushing to launch their very own variations of the automated investing know-how to compete within the new robo-advising surroundings. 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 value not less than 1 % of belongings below administration. (bloomberg.com)