Robo-advisors are types of financial advisors providing online and automated portfolio management services. This is done through the use of computer algorithms, meaning human involvement and costs can be kept to a minimum. The concept is becoming increasingly widespread across the financial world and according to some analysts' predictions, assets controlled by robo-advisors could grow to over $250 billion by 2020.
According to estimates from the Statista Digital Market Outlook, the top robo-advisors by assets under management are US-based. The Vanguard group comes first by a considerable distance with its assets under management amounting to an estimated $47 billion. Schwab Intelligent Portfolios and Betterment come second and third with $10.2 and $7.4 billion respectively.