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ARTICLE · 24 MAY 2021

Fintech Innovation – A Look At SEC's Proposed Rules On Robo-Advisory Services

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Robo-Advisors (sometimes spelt as Robo-Advisers) are digital investment advisory platforms that provide automated, algorithm-driven financial planning services with little to no human supervision.

NigeriaTechnology
Oluwapelumi Omoniyi
Oluwapelumi Omoniyi
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Robo-Advisors (sometimes spelt as Robo-Advisers) are digital investment advisory platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A typical Robo-Advisor collects information from investors about their financial situation and future goals and then uses the data to offer advice and also automatically invest its client assets in stocks and other financial instruments1. Statistics released in 2020 showed that Robo-Advisors managed more than $460 billion2 leading analysts to predict that Robo-Advisory services will become a $1.2 trillion industry by 20243.

Advantages

Robo-Advisors offer investment advice for lower costs and fees than traditional advisory programs, and in some cases, require lower amounts to open an investment account with them than traditional investment advisers4. These advantages have led to the widespread adoption of Robo-Advisory services among millennials5 and Generation Z6 ("Gen Z

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