Millennials and small investors aren’t the only ones using robo-advisers. Poeple with much larger portfolios are also trying them out.
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The Rich Are Already Using Robo-Advisers, and That Scares Banks
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At Charles Schwab Corp., about 15 percent of those in automated portfolios have at least $1 million at the company. “It’s real money moving,” Thompson said in an interview. “You’re seeing experimentation from people with much larger portfolios, where they’re taking a portion of their money and putting them in these offerings to try them out.”
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