Morgan Stanley Isn’t Worried About Robos
A couple of years ago the whole wealth management industry seemed to be very worried about robo advisors. That sort of panic died down as the growth rate of the sector slowed. Nevertheless, there are still worries about robo advisors swallowing human advisors' jobs, especially as data shows that Millennials, the US' largest generation, prefers online-only wealth management, at least at this point. Despite this, Morgan Stanley's CEO, James Gorman, is not worried about robos, saying he thinks it will not impact Morgan Stanley's overall wealth business, which accounts for about 50% of its revenues.
FINSUM : We don't think robos are a major threat, but we do think Morgan Stanley seems under-concerned about them. The potential for technological disruption to wealth management is high, and advisors need to be on their toes.
- Morgan Stanley
- robo advisors
- wealth management