Order Report - Robo Usage, Awareness and Trial: Market & Competitive Data to Inspire Innovation, Improve Portfolios and Increase Conversion
Approximately 12 million households in America use robo-advisors. Their popularity is on the rise, and firms across the industry are working hard to win customers and capture share of wallet. This report examines trial to conversion and which offerings are growing fastest. Beyond the competitive landscape, the report also explores who is using robos, how much they are investing, and investor vs. non-investor profiles.
- About 12M households have money in robo-advisors.
- Robo ownership is associated with better portfolio allocations in consumers with <$100K in assets, but robos appear to be displacing mutual funds in wealthier groups.
- Robo account sizes vary widely — from <$500 to $500K-$1M, with the median being $10K-$25K.
- New entrants have much higher awareness among younger consumers than new offerings from established firms, while new offerings from established firms have higher awareness among older consumers.
- Small new entrants are setting the competitive bar for excellence on converting awareness into trial, despite difficulty competing with established firms on national awareness.
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