Wealth managers should consider “robo” platforms as legitimate competitors, according to a report from Nucoro, a fintech company that serves the wealth management sector.

The report, entitled The Future Challenges for Wealth Management, cites Aite research which says these online services managed $257 billion at the end of 2018 which could rise to $1.26 trillion by 2023.

However, the 2019 PAM Digital Survey revealed that wealth managers do not believe that these new services are a threat.

Only 12 percent said these services were direct competition while 40 percent said they were not. A further 34 ...