Vanguard, Charles Schwab and Fidelity will press their advantages in digital advice, but Acorns is driving the sector’s massive expansion, a new study says.
So-called incumbent firms’ share of the robo advice market will jump to 93% by 2021 from 78% last year, according to a report released last week by Boston-based consulting firm Aite Group. At the same time, the number of digital advice clients will soar by nearly 850% to 17 million by 2021, the study says.
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