At least 10% of retail investors globally use chatbots to help them choose stocks, a trend that is propelling the robo-advisory market’s meteoric expansion as ChatGPT nears its third anniversary. However, even early adopters acknowledge that it’s still a risky tactic.
Retail investors may now choose stocks, track stocks, and analyze investments for a fraction of the cost that was previously only available to institutional players thanks to artificial intelligence.
According to Research and Markets, the robo-advisory market, which includes wealth managers, banks, and fintech platforms that provide automated financial advice, is expected to increase from $61.75 billion in 2024 to $470.91 billion by 2029. That is an almost 600% increase in earnings.
