Millionaires are turning to 'robo advisors', but only in some parts of the world

By Portia Crowe

Robo-advisors are starting to become more popular around the globe and across wealth levels. (Remember the Charles Schwab robo-advisor ad?)
But it turns out that, at least among millionaires, robo-advisors are most popular outside the US and Europe, according to the annual Capgemini and RBC Wealth Management World Wealth Report.

Asked whether they would consider letting a robo-advisor manage some portion of their wealth, high-net-worth individuals, (defined as people with investable assets of $1 million or more) tended to say yes in Latin America and Asia-Pacific, excluding Japan.

Meanwhile, the concept was less popular for millionaires in North America, Europe, and Japan.

The report also asked wealth managers about the growing popularity of robo-advisors. They didn't seem as keen on the idea as their clients did.