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Robo-Advisors
Industry Changers
or Also-Rans?
December 2015
2 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Three questions:
How big, how fast can robo-advice grow in the US?
What are the various business models competing for robo-advice
and which one can win the day?
Where is advice going, i.e., what’s the future of robo-advice?
1
2
3
3 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
What do we mean by robo-advice?
Example Robo-Advisor firmsRich Digital UI
Digital user interface with cutting-edge
user experience
Personal Surveys
Investor profile is personalized through
surveys (demographics, risk, goals, etc.)
Automated Portfolio
Allocation
Algorithm-based portfolio construction
and allocation
Automated Investment
Recommendations
Product recommendations
How big, how fast?
5 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Robo-advice could be really big
$51
Tr.†
$32
Tr.
2015 2025
$5 - $7
Tr.
Robo-advice
< $100 Bn.
Mass Market 25% 40% 20%
Mass Affluent 60% 25% 20%
Affluent 80% 10% 5%
High Net Worth 90% 5% 2%
% Advised* % Advised
Captured by Robo*
% Not Advised
Captured by Robo*
2015 2025
Robo-advice: 10% – 14%
($5 – $7 Tr.)
High Net Worth
13%
Mass Market
10%
Affluent
18%
Mass Affluent
59%
Mass Market
5%
Affluent
26%
Mass Affluent
34%
TOTAL
AUM
US Retail AUM US Retail AUM
Key assumptions:
High Net Worth
35%
*Deloitte estimates based on industry knowledge and insights
†
Source: The Future of Wealth in America: Mapping Generational Shifts, Deloitte Center for Financial Services
As used in this document, “Deloitte” means Deloitte LLP and its Subsidiaries, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and
its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
6 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Robo-Advisors: Industry Changers or Also-Rans?
Looking through a generational lens to confirm
potential market size
$-
$10
$20
$30
$40
$50
$60
$70
$6 - $8
Tr.
2025
Silent Generation 5.0%
Baby Boomers 7.0%
Generation X 20.0%
Millennials 40.0%
Robo-Advice AUM Capture* 2025
Millennials
33%
Silent Generation
5%
Baby Boomers
25%
Generation X
37%
2013 2015 2020 2025 2030
Total AUM ($Tr.)
*Deloitte estimates based on industry knowledge and insights
Source: The Future of Wealth in America: Mapping Generational Shifts,
Deloitte Center for Financial Services
Robo-Advice
AUM
1925 1945 1960 1980 1997
Silent
Generation
Baby
Boomers
Generation
X
Millenials
~50%
of Total
7 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Robo appeals to a new generation of investors, i.e.,
the re-wired investor
Anywhere, anytime
Wisdom of my tribe
Skeptical of authority
Risk defined
as downside
Typical mentalities of the re-wired investor
Not a second
class investor
Do it yourself
Stay in control Digital & personal
Just me
8 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
A possible growth pattern for robo-advice:
When disruption happens, it can happen fastPaceofInnovation
Exponential
Business
Innovation
Exponential technology
surges past status quo
Exponential technology
lags the status quo
Growth stabilizes,
and the next
innovation starts
Time (Years)
Source: Monitor Deloitte Analysis
9 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
We have seen disruption before
0%
2%
4%
6%
8%
10%
12%
14%
1991 1994 1997 2000 2003 2006 2009 2012 2015
0
200
400
600
800
1000
1200
1400
1600
1800
2000
1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004
0
2
4
6
8
10
12
14
1994 1995 1996 1997 1998 1999 2000 2001 0
5
10
15
20
25
30
35
40
45
1999 2001 2003 2005 2007 2009 2011 2013
ETF Market Share (Percentage)
ETFs
# of Accounts (Millions)
Online Brokerages
Estimated Total Assets ($ Billions)
# of Payments per Quarter- PayPal (Billions)
401(k)
Electronic Payments
Source: Various (See Appendix)
10 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Robo-advice is poised for exponential growth
Digitalized
1. Advice begins to be
digitalized
Deceptive
2. A lot of hype but
incumbents ignore it
Disruptive
3. Well funded players invest in robo-
advice and combine it with human
advice. Assets are ready to move
Dematerializing
4. Add on of big data, predictive & algorithmic
analytics, cognitive computing, etc. More
complex. More holistic advice is automated
Democratizing
6. Automated advice has
become so cheap it is
available to everyone
Demonetizing
5. Advice is free, like an app on
your smartphone
Robo-advice is
here today
Source: Diamandis, Peter H., and Steven Kotler. Bold: How to Go Big,
Achieve Success, and Impact the World. N.p.: Simon & Schuster, 2015. Print.
11 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
More than just startups
≤ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
• BlackRock (& FutureAdvisor)
• Capital One Investing
• Northwestern Mutual (& LearnVest)
• Schwab Intelligent Portfolios
• Vanguard Personal Advisor
Services
• Financial Guard
• Hedgeable
• HelloWallet
• Personal Capital
• SigFig
• Wealthfront
• Stockspot
• Money on Toast
• Betterment
• Jemstep
• MarketRiders
• Flat Fee
Portfolios
• Folio
Investing
• Nutmeg
• Portfolio
Monkey
• WealthBar
• Wealthsimple
Source: Various News Articles (See Appendix)
Phase 1:
New entrants
(mostly start-ups):
Connect/Advise/Invest
Phase 2:
Large investment and
asset managers build their
own solution or partner
with new firms
Phase 3:
Banks and insurance
companies enter the
market (mostly through
partnerships or acquisitions)
12 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Could we have it all wrong?
Robo-advisor AUM is a
drop in the ocean: < $100
Bn. in a $30+ Tr. Market*
Time
Growth
Robo-advisors have not
experienced the impact
of a down market
Fees
Acquisition Costs
Thin margins,
compressed by low
fees and high client
acquisition costs
Not showing
exponential
growth yet
Traditional investment
firms fight back and adapt
their advisory models
Robo-advice:~ 0%
*Source: Monitor Deloitte Analysis
Overcoming trust
deficit associated
with new brands
Which business model
can win the day?
14 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Distinct and overlapping business models:
Asset Manager
Robo-advice front-end with a range of
proprietary fund offerings
Stand-Alone, Pure Digital,
or Multi-Channel
A start-up still mostly independent, with online
and other digital channels, and potentially
access to call center
Corporate-Led
Robo-advice to engage with plan participants or
employees of corporations with Financial
Wellness program
Consumer Bank-Led
Targeted at large base of retail banking,
mass affluent clients (retention /
acquisition)
Multi-Advisory Model
Robo-advice combined with other complementary
advisory models within ‘closed loop’ system
Affluent Private Bank
Targeted at affluent client base,
complementary to traditional affluent advisory
model
Insurance-Led
Leveraging robo-advice to add more client value
in distribution (from product push to broader
wealth management)
Premium-Branded Investment
Firm
Leverage high-end investment brand to
overcome trust barrier and command premium
fees
15 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
What will drive success (i.e., capture market share)?
Managing Cost of Client Acquisition
Acquiring new clients (cost-effectively
overcoming the trust-barrier) vs. cross-
selling to an existing banking client base (or
retirement plan participants) to scale up
quickly
Embracing Multi-Channel Strategy
Combining digital and human channels (call
center, in-branch, digital)
Accessing Funding
Balancing staying nimble with access to the
funding needed to innovate and scale up
Meeting New Regulatory Compliance
e.g., pure algorithm-based advice satisfies
DOL ruling and resolves conflicts of
interest
Tapping Non-Advisory Revenue
Capturing economics of fund
manufacturing, retaining profitable
banking relationships (e.g., mass
affluent), and shifting product mix
(e.g., cash vs. ETF)
Charging the Price that Fits
e.g., pricing low to scale up vs.
pricing high to signal premium
value
Combining Advisory Models,
to Meet Client Expectations
while mitigating cannibalization with existing
customers moving to cheaper robo-advice
Having the right DNA and Competencies
Leveraging a firm’s Design DNA vs.
Investment DNA vs. Financial Planning DNA
16 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
The likely winners
Achieve low client
acquisition costs
Consumer Bank-LedCorporate-Led
Leverage brand to
support higher pricing
Maximize non-advisory revenue
e.g., fund manufacture
Offer the right mix of channels
to meet customer needs
Asset ManagerCorporate-Led
Premium-Branded Affluent Private Bank
Multi-Advisory Model
Remain nimble to rapidly innovate
next generation of advice
Stand-Alone / Pure-Digital /
Multi-Channel
Consumer Bank-Led
Consumer Bank-Led
Where is advice going?
18 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Robo-advice is barely advice today
Goals-Based
Advice
Personal
Insurance
Robo-advice:
Portfolio Allocation,
Investment
Recommendation
Business
Succession
Planning
Estate
Planning
Cash Flow
Management
Tax Planning
and Tax Deferred
Investments
Moving from automation of portfolio allocation process to innovation around advice.
19 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Broadening the scope of advice
Managing
healthcare
expenses, now
and in the future
Upsizing,
downsizing,
or buying a
vacation home
Home
Taking care
of your
family and other
people in
your life
Family
Spending
your free
time in
meaningful
ways
Leisure
Volunteering,
mentoring
others, and
giving to
charities
Giving
Working in
retirement,
selling, or
starting a
business
Work
Bringing it all
together and
defining your
financial goals
Finances
Advice is being automated across many different fields.
Automation can also facilitate integration of advice across multiple fields
Source: Merrill Lynch: “What are your priorities?”, www.ml.com
Health
20 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Advanced analytics could be an exponential catalyst
MIS/Reporting
Monitoring everyday financial and operational performance
Descriptive
Providing a better understanding of business impact
and customer response
Predictive
Establishing data driven guidance for
decisions in the midst of uncertainty
Algorithmic
Tracking digital activity and
adjusting responses in real time
CognitiveMimicking the human brain through self-
learning systems, using data mining, pattern
recognition, and natural language processing
21 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
Where we could be heading
Source: Monitor Deloitte Analysis
Traditional firms
execute on advice
Technology firms
own the customer
Apple
HEALTH
HOMEFAMILY
LEISURE
FINANCES
Where Advice is
Created & Delivered
Where Advice is
Acted Upon
“Robo-Advisors: Industry Changers or Also-Rans” is an independent publication and has not been authorized, sponsored, or otherwise approved by Apple Inc.”
22 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
The authors
Gauthier Vincent
Principal,
Head of US Wealth
Management
Deloitte Consulting LLP
New York
203 905 2830
gvincent@deloitte.com
Phillip Klein
Manager,
Asset & Wealth
Management
Deloitte Consulting LLP
New York
347 226 1506
pklein@deloitte.com
Adam Schneider
Principal,
Senior Advisor, Center
for Financial Services
Deloitte Consulting LLP
New York
212 436 4600
aschneider@deloitte.com
23 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved.
References
Slide 6
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Slide 10
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Slide 12
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movement
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learnvest
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https://www.forrester.com/Quick+Take+Vanguards+Personal+Advisor+Will+Transform+The+Financial+Ad
vice+Business/fulltext/-/E-res122744
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https://www.stockspot.com.au/
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https://www.sigfig.com/site/#/home/am
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http://www.hellowallet.com/
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185841
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robo-adviser-wealthsimple
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InvestmentNews. Jul 2015.
http://www.investmentnews.com/article/20150730/FREE/150739992/betterment-catches-up-to-
wealthfront-in-aum-as-robo-competition
Copyright © 2015 Deloitte Development LLC. All rights reserved.
36 USC 220506
Member of Deloitte Touche Tohmatsu Limited

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Robo-Advisors: Industry Changers or Also-Rans?

  • 2. 2 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Three questions: How big, how fast can robo-advice grow in the US? What are the various business models competing for robo-advice and which one can win the day? Where is advice going, i.e., what’s the future of robo-advice? 1 2 3
  • 3. 3 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. What do we mean by robo-advice? Example Robo-Advisor firmsRich Digital UI Digital user interface with cutting-edge user experience Personal Surveys Investor profile is personalized through surveys (demographics, risk, goals, etc.) Automated Portfolio Allocation Algorithm-based portfolio construction and allocation Automated Investment Recommendations Product recommendations
  • 4. How big, how fast?
  • 5. 5 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Robo-advice could be really big $51 Tr.† $32 Tr. 2015 2025 $5 - $7 Tr. Robo-advice < $100 Bn. Mass Market 25% 40% 20% Mass Affluent 60% 25% 20% Affluent 80% 10% 5% High Net Worth 90% 5% 2% % Advised* % Advised Captured by Robo* % Not Advised Captured by Robo* 2015 2025 Robo-advice: 10% – 14% ($5 – $7 Tr.) High Net Worth 13% Mass Market 10% Affluent 18% Mass Affluent 59% Mass Market 5% Affluent 26% Mass Affluent 34% TOTAL AUM US Retail AUM US Retail AUM Key assumptions: High Net Worth 35% *Deloitte estimates based on industry knowledge and insights † Source: The Future of Wealth in America: Mapping Generational Shifts, Deloitte Center for Financial Services As used in this document, “Deloitte” means Deloitte LLP and its Subsidiaries, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
  • 6. 6 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Robo-Advisors: Industry Changers or Also-Rans? Looking through a generational lens to confirm potential market size $- $10 $20 $30 $40 $50 $60 $70 $6 - $8 Tr. 2025 Silent Generation 5.0% Baby Boomers 7.0% Generation X 20.0% Millennials 40.0% Robo-Advice AUM Capture* 2025 Millennials 33% Silent Generation 5% Baby Boomers 25% Generation X 37% 2013 2015 2020 2025 2030 Total AUM ($Tr.) *Deloitte estimates based on industry knowledge and insights Source: The Future of Wealth in America: Mapping Generational Shifts, Deloitte Center for Financial Services Robo-Advice AUM 1925 1945 1960 1980 1997 Silent Generation Baby Boomers Generation X Millenials ~50% of Total
  • 7. 7 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Robo appeals to a new generation of investors, i.e., the re-wired investor Anywhere, anytime Wisdom of my tribe Skeptical of authority Risk defined as downside Typical mentalities of the re-wired investor Not a second class investor Do it yourself Stay in control Digital & personal Just me
  • 8. 8 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. A possible growth pattern for robo-advice: When disruption happens, it can happen fastPaceofInnovation Exponential Business Innovation Exponential technology surges past status quo Exponential technology lags the status quo Growth stabilizes, and the next innovation starts Time (Years) Source: Monitor Deloitte Analysis
  • 9. 9 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. We have seen disruption before 0% 2% 4% 6% 8% 10% 12% 14% 1991 1994 1997 2000 2003 2006 2009 2012 2015 0 200 400 600 800 1000 1200 1400 1600 1800 2000 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 0 2 4 6 8 10 12 14 1994 1995 1996 1997 1998 1999 2000 2001 0 5 10 15 20 25 30 35 40 45 1999 2001 2003 2005 2007 2009 2011 2013 ETF Market Share (Percentage) ETFs # of Accounts (Millions) Online Brokerages Estimated Total Assets ($ Billions) # of Payments per Quarter- PayPal (Billions) 401(k) Electronic Payments Source: Various (See Appendix)
  • 10. 10 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Robo-advice is poised for exponential growth Digitalized 1. Advice begins to be digitalized Deceptive 2. A lot of hype but incumbents ignore it Disruptive 3. Well funded players invest in robo- advice and combine it with human advice. Assets are ready to move Dematerializing 4. Add on of big data, predictive & algorithmic analytics, cognitive computing, etc. More complex. More holistic advice is automated Democratizing 6. Automated advice has become so cheap it is available to everyone Demonetizing 5. Advice is free, like an app on your smartphone Robo-advice is here today Source: Diamandis, Peter H., and Steven Kotler. Bold: How to Go Big, Achieve Success, and Impact the World. N.p.: Simon & Schuster, 2015. Print.
  • 11. 11 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. More than just startups ≤ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 • BlackRock (& FutureAdvisor) • Capital One Investing • Northwestern Mutual (& LearnVest) • Schwab Intelligent Portfolios • Vanguard Personal Advisor Services • Financial Guard • Hedgeable • HelloWallet • Personal Capital • SigFig • Wealthfront • Stockspot • Money on Toast • Betterment • Jemstep • MarketRiders • Flat Fee Portfolios • Folio Investing • Nutmeg • Portfolio Monkey • WealthBar • Wealthsimple Source: Various News Articles (See Appendix) Phase 1: New entrants (mostly start-ups): Connect/Advise/Invest Phase 2: Large investment and asset managers build their own solution or partner with new firms Phase 3: Banks and insurance companies enter the market (mostly through partnerships or acquisitions)
  • 12. 12 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Could we have it all wrong? Robo-advisor AUM is a drop in the ocean: < $100 Bn. in a $30+ Tr. Market* Time Growth Robo-advisors have not experienced the impact of a down market Fees Acquisition Costs Thin margins, compressed by low fees and high client acquisition costs Not showing exponential growth yet Traditional investment firms fight back and adapt their advisory models Robo-advice:~ 0% *Source: Monitor Deloitte Analysis Overcoming trust deficit associated with new brands
  • 13. Which business model can win the day?
  • 14. 14 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Distinct and overlapping business models: Asset Manager Robo-advice front-end with a range of proprietary fund offerings Stand-Alone, Pure Digital, or Multi-Channel A start-up still mostly independent, with online and other digital channels, and potentially access to call center Corporate-Led Robo-advice to engage with plan participants or employees of corporations with Financial Wellness program Consumer Bank-Led Targeted at large base of retail banking, mass affluent clients (retention / acquisition) Multi-Advisory Model Robo-advice combined with other complementary advisory models within ‘closed loop’ system Affluent Private Bank Targeted at affluent client base, complementary to traditional affluent advisory model Insurance-Led Leveraging robo-advice to add more client value in distribution (from product push to broader wealth management) Premium-Branded Investment Firm Leverage high-end investment brand to overcome trust barrier and command premium fees
  • 15. 15 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. What will drive success (i.e., capture market share)? Managing Cost of Client Acquisition Acquiring new clients (cost-effectively overcoming the trust-barrier) vs. cross- selling to an existing banking client base (or retirement plan participants) to scale up quickly Embracing Multi-Channel Strategy Combining digital and human channels (call center, in-branch, digital) Accessing Funding Balancing staying nimble with access to the funding needed to innovate and scale up Meeting New Regulatory Compliance e.g., pure algorithm-based advice satisfies DOL ruling and resolves conflicts of interest Tapping Non-Advisory Revenue Capturing economics of fund manufacturing, retaining profitable banking relationships (e.g., mass affluent), and shifting product mix (e.g., cash vs. ETF) Charging the Price that Fits e.g., pricing low to scale up vs. pricing high to signal premium value Combining Advisory Models, to Meet Client Expectations while mitigating cannibalization with existing customers moving to cheaper robo-advice Having the right DNA and Competencies Leveraging a firm’s Design DNA vs. Investment DNA vs. Financial Planning DNA
  • 16. 16 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. The likely winners Achieve low client acquisition costs Consumer Bank-LedCorporate-Led Leverage brand to support higher pricing Maximize non-advisory revenue e.g., fund manufacture Offer the right mix of channels to meet customer needs Asset ManagerCorporate-Led Premium-Branded Affluent Private Bank Multi-Advisory Model Remain nimble to rapidly innovate next generation of advice Stand-Alone / Pure-Digital / Multi-Channel Consumer Bank-Led Consumer Bank-Led
  • 17. Where is advice going?
  • 18. 18 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Robo-advice is barely advice today Goals-Based Advice Personal Insurance Robo-advice: Portfolio Allocation, Investment Recommendation Business Succession Planning Estate Planning Cash Flow Management Tax Planning and Tax Deferred Investments Moving from automation of portfolio allocation process to innovation around advice.
  • 19. 19 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Broadening the scope of advice Managing healthcare expenses, now and in the future Upsizing, downsizing, or buying a vacation home Home Taking care of your family and other people in your life Family Spending your free time in meaningful ways Leisure Volunteering, mentoring others, and giving to charities Giving Working in retirement, selling, or starting a business Work Bringing it all together and defining your financial goals Finances Advice is being automated across many different fields. Automation can also facilitate integration of advice across multiple fields Source: Merrill Lynch: “What are your priorities?”, www.ml.com Health
  • 20. 20 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Advanced analytics could be an exponential catalyst MIS/Reporting Monitoring everyday financial and operational performance Descriptive Providing a better understanding of business impact and customer response Predictive Establishing data driven guidance for decisions in the midst of uncertainty Algorithmic Tracking digital activity and adjusting responses in real time CognitiveMimicking the human brain through self- learning systems, using data mining, pattern recognition, and natural language processing
  • 21. 21 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. Where we could be heading Source: Monitor Deloitte Analysis Traditional firms execute on advice Technology firms own the customer Apple HEALTH HOMEFAMILY LEISURE FINANCES Where Advice is Created & Delivered Where Advice is Acted Upon “Robo-Advisors: Industry Changers or Also-Rans” is an independent publication and has not been authorized, sponsored, or otherwise approved by Apple Inc.”
  • 22. 22 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. The authors Gauthier Vincent Principal, Head of US Wealth Management Deloitte Consulting LLP New York 203 905 2830 gvincent@deloitte.com Phillip Klein Manager, Asset & Wealth Management Deloitte Consulting LLP New York 347 226 1506 pklein@deloitte.com Adam Schneider Principal, Senior Advisor, Center for Financial Services Deloitte Consulting LLP New York 212 436 4600 aschneider@deloitte.com
  • 23. 23 Robo-Advisors—Industry Changers or Also-Rans? Copyright © 2015 Deloitte Development LLC. All rights reserved. References Slide 6 “Global Wealth Report 2014.” Credit Suisse Research Institute. 2014. http://economics.uwo.ca/people/davies_docs/credit-suisse-global-wealth-report-2014.pdf “CapGemini World Wealth Report 2013.” Capgemini and RBC Wealth Management. 2013. https://www.capgemini.com/resource-file-access/resource/pdf/wwr_2013_0.pdf “LPL Goes Downstream to Target $7 Trillion Middle Market.” WealthManagement.com. Apr 2012. http://wealthmanagement.com/ibds/lpl-goes-downstream-target-7-trillion-middle-market “Levels of Wealth and the Need for a Financial Advisor.” SpectremGroup. http://spectrem.com/Content/Level-Wealth-Need-Financial-Advisor.aspx “Today's affluent investors: insights and opportunities.” Vanguard and SpectremGroup. https://advisors.vanguard.com/iwe/pdf/FASSRSB2.pdf Slide 10 ETFs. “2014 Investment Company Fact Book.” Investment Company Institute. 2014. https://www.ici.org/pdf/2014_factbook.pdf 401(k). “History of 401(k) Plans: An Update.” Employee Benefit Research Institute. Feb 2005. http://www.ebri.org/pdf/publications/facts/0205fact.a.pdf Online Brokerages. “Online Trading: An Internet Revolution.” Jennifer Wu, Michael Siegel, and Joshua Manion. MIT. Jun 1999. http://web.mit.edu/smadnick/www/wp2/2000-02-SWP%234104.pdf Electronic Payments. “Chart of the Week: PayPal’s Payment Volume (2001 – 2013).” Payments News. Apr 2013. http://www.paymentsnews.com/2013/04/chart-of-the-week-paypals-payment-volume-2001-2013.html Slide 12 “BlackRock to Buy FutureAdvisor, Signaling Robo-Advice is Here to Stay.” Forbes. Aug 2015. http://www.forbes.com/sites/samanthasharf/2015/08/26/blackrock-to-buy-futureadvisor-signaling-robo- advice-is-here-to-stay/ “Capital One joins the hybrid robo movement.” InvestmentNews. Jun 2015. http://www.investmentnews.com/article/20150611/FREE/150619980/capital-one-joins-the-hybrid-robo- movement “Northwestern Mutual purchases LearnVest.” InvestmentNews. Mar 2015. http://www.investmentnews.com/article/20150325/FREE/150329948/northwestern-mutual-purchases- learnvest “Quick Take: Intelligent Portfolios from Charles Schwab will Ignite the Robo-Advisor Market.” Forrester. 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  • 24. Copyright © 2015 Deloitte Development LLC. All rights reserved. 36 USC 220506 Member of Deloitte Touche Tohmatsu Limited