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Are robots the better investor? About the trend towards automated advisory and asset management quarreling an entire industry. Can substitute a Robo-Advisor familiar investment advisor not find Dr. Andreas Schyra from IPAM in Essen. But asset managers, banks and investors may not escape the trend. Why, explains Dr. Schyra in his latest column.
In recent months, the media discussion about the so-called Robo-Advisor multiplied. Here, so far crystallized two views. On the one hand, there are representatives of the opinion that robot or computer can not make investment decisions that are superior to human action. Moreover, it is impossible to carry out a consultation with these models, since every good investment on a personal interview and a relationship of trust based.
On the meanwhile other side there are scientific studies – among others from the Institute for Strategic Finance (ISF) at the University of Economics & amp; Management (FOM) – which the young professionals ascribe particular a dwindling need for counseling, including a growing distrust of banks. This understanding goes hand in hand with the fact that especially an openness to self-responsible (investment) decisions, as well as sponsored by the new media consulting computerized models exist among young people. The personal interaction between consultant and client will be replaced by an Internet-based, standardized query and classification of prospective customers when Robo-Advising.
doubt in the long-established investors
In particular, wealthy private investors are not particularly receptive rule rather advanced age and against such anonymous investment vehicles, and for example direct banks. To be prepared, however, as financial services to the generation of heirs these wealthy people, it is certainly advisable not totally neglecting systematic investment products and customer access via the Internet. This is shooting Fintech- company also confirmed by the increasing number of the floor, which enhance the competitive environment altgewohnter banks and investment adviser and change in the future.
No Robo-Advisor will ever be able to go as individual on his opposite number, as people are capable of doing. No online consultation will be able to replace a personal discussion. Develop the other hand, markets and business sectors in principle on the needs and when young adults in the future want to include also systematic consultancy concepts in their investment decisions, the entire industry is nothing more than, as to address these issues. In particular, according to the general loss of confidence as a result of numerous financial crises in recent years, should be viable business models its future customers will not lose again out of sight.
It’s the mix
Robo-Advisor and however personal consultations can also be combined. Generally, there is in Germany still substantial pent-up potential for the development of an equity or capital market culture. Numerous investors have – regardless of their age – not yet have sufficient knowledge to identify risks and opportunities of financial products adequately. Right here should start advisors and eliminate the gaps in knowledge. The danger then a customer to lose an online platform is rather low, as in the process of knowledge transfer enormous confidence can be built. Where the consultant then has also on access to systematic investment vehicles, he may submit to the customers a mix of personal and systematic consultation and be clearly distinguished from its recent competition.
In general, it is certainly false personal and human, or the systematic consultation of a Robo-Advisors as exceeded principle or inferior to classify. Just as quickly as they are created to date, numerous systems over time will disappear from the market – similar to a shakeout bad advisor. Systems which have provided particularly in difficult market phases suitability prove to be, however, hold and serve to further diversification of each portfolio, and this regardless of wealth or age of the investor.
Dr. Andreas Schyra