《KPMG报告《智能投顾——跟进步伐，引领潮流》Robo-Advising-Catching-Up-And-Getting-Ahead》由会员分享，可在线阅读，更多相关《KPMG报告《智能投顾——跟进步伐，引领潮流》Robo-Advising-Catching-Up-And-Getting-Ahead（11页珍藏版）》请在金锄头文库上搜索。
1、,Roboadvising,Banks and brokerages are scrambling to competein this emerging area of financial investing.,Catching up and getting ahead,,Whether we build or buy,it, we should have it., James Gorman, CEO, Morgan Stanley*,* DealBook Conference 2015, 2016 KPMG LLP, a Delaware limited liability partners
2、hip and the U.S. member firm of the KPMG network of independent,member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.,People spanning the financial spectrum are buzzing about “robo advisors,” automated, digital wealth management solu
3、tions that have proven attractive to both high net-worth clients and mass market customers. A quick Google search on the term produced more than 683,000 hits and 31,000news results.Is your bank and affiliated brokerage competing in this emerging area of financial investing?Although digital upstarts
4、have jumped in with both feet and established brands are solidifying their position, it is not too late for banks to launch a successful robo advising service. KPMG LLPs (KPMG) proprietary research of 1,500bank clientsconducted in partnership with MFour, a leader in mobile survey technologyreveals o
5、verall customer awareness of available solutions in the robo investing space remains relatively low. Moreover, investors have strong interest in their banks providing digital portfolio solutions.This publication explores the current robo advising market and how its expected to grow, learn what it me
6、ans for banks and brokerages, and key business and operating model questions to consider in order to successfully capitalize on the exciting opportunities for digital wealth management.,Hype or opportunity?, 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG
7、 network of independent,member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.,Robo advising: Catching up and getting ahead,3,Whether the low or high ends of the various projections are realized, digital wealth management is clearly c
8、hanging the investing landscape.,Led by Vanguards Personal Advisor Services, Schwabs Intelligent Portfolios, Wealthfront and Betterment, registered investment advisors and financial technology companies continue to add these capabilities. Personal Capital, SigFig, Motif Investing, Financial Guard, T
9、rizic, Folio Investing and FutureAdvisor (acquired this summer by BlackRock) are all in the mix. And Wells Fargo, Bank of America - Merrill Lynch, and Fidelity Investments have discussed or announced automated financial advice services.5,$,55-60 billion,$500 billionProjection for the value of thedig
10、ital advice market in 20203.$2.2 trillionProjection for the value of roboadvisor controlled AUM in 2020 a growth rate of 68 percent, driven by both existing and newly invested assets4.,$,26 billionThe value of,new client assets managed by four prominent firms with digital advice solutions at the end
11、 of Q2 20151.,Forecast for digital advice assets under management/advisement (AUM/A) by the end of 20152.,A dynamic market,$0.2,$0.1,$0.1,20162017From invested assets,$ in trillions,2018,20192020From non-invested assets,CAGR: 68%$1.1$0.9$0.5$0.8,$0.4,$0.4,$0.7,$1.1,$0.3,$0.5,$1.5,$2.2,Projected U.S.
12、 robo-advisors assets under managementBetween shifts from traditional advisors and new investorsof $2.2 trillion by 2020 from existing and new investments will be managed by digital advice platforms4.,“Betterment Is Now the Biggest Independent Robo With $3 Billion in AUM” (WealthM, November. 6, 2015
13、)“Digital Wealth Management Market Update: A Mosaic of Models Emerges” (Aite Research, March 2015)“2,500% asset growth projected for robo-advisor platformsaccording to Cerulli Research” (Investment News, November. 4, 2015)“The Coming Waves of Robo Adoption” (A.T. Kearney, June 18, 2015),5 “Wells Far
14、go Considers Robo” (The Wall Street Journal, July. 14, 2015)Fidelity Joins Growing Field of Automated Financial Advice” (The New York Times, November. 23, 2015, 2016 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent,member firms affiliated
15、 with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.,Weighing the risk of cannabalization,Although new and inexperienced investors are prime candidates for digital wealth management services, many existing clients arealso interested in transitioning from
16、more expensive managed account programs into lower-cost automated alternatives.,Schwabs no fee Intelligent Portfolios, with its $5,000 minimum investment, competes directly with eight other Schwab portfolio programs with minimum investments and fees starting at $25,000 and 0.90% for their Managed Po
17、rtfolios, all the way to their Separately Managed Accounts program where minimums for Equities start at $100,000 and fees begin at 1.35%.7 Will some existing clients transition from more expensive service offers to Intelligent Portfolios? The answer is yes but each program is unique and Schwab is wi
18、lling to experience potential cannibalization as it highlights the specific features and benefits of each offer.More dramatically, according to RIABiz, Vanguard proactively transferred almost half the assetsin Personal Advisor Services Program (0.30% fee structure) from their more expensive AssetMan
19、agement Services (0.70%). After the program officially exited their beta in May, Vanguard felt the platform could be scaled. According to Will Trout, a senior analyst at Boston-based Celent, “By cannibalizing existing clients, these firms are making less money on the same assets. But so what? It is short-term pain, long-term gain,” and “the movement of these clients into automated channels should be considered a sort of discreet segmentation, i.e. a client-driven process that willultimately help rationalize the firms sales structure.”8,
