Younger investors, particularly Millennials, are increasingly adopting apps and what are known as robo-advisers to make their retirement decisions for them
By Ken Sweet
PHOENIX (AP) — Computers help us decide what route to take to the grocery store, who to date, and what music to listen to. Why shouldn’t they also decide how we invest?
Younger investors, particularly those born in the early 1980s to late 1990s known as millennials, are increasingly adopting apps and what are known as robo-advisers to make their retirement decisions for them. In the last year Betterment, Wealthfront, Acorns and others have brought in several billions of dollars in assets that used to be handled by traditional brokerages or wealth advisers.
In Betterment’s case, the largest of the robo-advisers, the company went from $1.1 billion in assets under management at the beginning of last year to $3.5 billion this year.