At least 10% of retail investors use chatbots to choose stocks as ChatGPT approaches its third birthday, which is driving the robo-advisory market’s growth. However, even supporters maintain that this high-risk approach cannot yet fully replace traditional advisors.
Artificial intelligence has made it possible for anyone to choose stocks, keep track of them, and access investing information that was previously exclusive to large banks or institutional investors.
According to data analysis firm Research and Markets, the robo-advisory market, which comprises all businesses that offer automated, algorithm-driven financial advice, including fintech, banks, and wealth managers, is expected to increase by approximately 600% from $61.75 billion in revenue last year to $470.91 billion in 2029.
