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.