Robo-advisorsfirstappearedintheUnitedStatesasanonlinewealthmanagementserviceprovidingautomated,algorithmbasedportfolioadvicewithoutinputfromahumanfinancialplanner.Withthehelpoftheinternet,arobo-advisorcanservemorepeopleforlowerrates.Itworks24hoursadayfreeofemotionandmoreefficientlythanhumanconsultants.
鈥淲ithfast-pacedurbanizationandwidespreadhighereducation,China鈥檚newmiddleclassisgrowingquickly,whichhasbeenakeyfactorinChinabecomingthelargestrobo-advisormarketinthenearfuture,鈥漴emarkedWangFuxing,managingdirectoratCreditEaseWealthManagementCoLtd.
Incontrastwitholderdefinitions,the鈥渘ewmiddleclass鈥漣nChinareferstothosewhoarefamiliarwiththeinternetandgoodatimprovingtheirabilitiesusingvarioushigh-techproducts.Thisgroup,mostlywell-educatedandresidinginbigcities,ismorelikelythanotherstolearnaboutassetallocation.Chinawillbehometo300-500millionmiddleclasspeopleinthenextfiveto10years,thereportpredicts.