Hundsun(SH:600570) Sou Hu Cai Jing·2026-01-04 13:39Core Insights - The rise of robo-advisors is driven by the integration of financial technology and traditional wealth management, offering low-cost, accessible, and user-friendly investment services, thereby democratizing finance [1][7] - The global robo-advisory market is expected to grow significantly, reaching over $100 billion by 2033, with the U.S. holding a dominant position [2][18] - The business model of robo-advisors has evolved from serving individual clients to a platform-based and ecosystem-oriented approach, diversifying revenue streams [3][4] Market Overview - The global robo-advisory market is projected to grow from $7.7 billion in 2023 to approximately $116.4 billion by 2033, with a compound annual growth rate (CAGR) of 31.2% from 2024 to 2033 [18] - The U.S. accounts for 81% of the global robo-advisory assets under management (AUM), with major players including Vanguard, Schwab, and Betterment [23][24] - The European market is smaller but shows potential, particularly in Germany, which has over 2 million robo-advisory users due to its unique ETF savings plan culture [25][28] Business Model Evolution - Robo-advisors have transitioned from a simple individual client model to a multi-faceted platform approach, including B2B services and diverse revenue models [3][4] - Revenue models have diversified from asset management fees to tiered subscription fees and technology-enabled service fees, reflecting a shift from scale expansion to value extraction [3][4] - Key competitive advantages for leading platforms include strong overall performance, superior digital experiences, and user-friendly interfaces [3][4] Investment Strategies - The industry is witnessing a nuanced debate between "active" and "passive" investment philosophies, with different platforms adopting varied strategies based on market understanding and client needs [3][4] - Some platforms adhere strictly to modern portfolio theory, while others incorporate active management elements or innovative techniques like smart beta to achieve excess returns [3][4] Future Outlook - The robo-advisory industry is moving away from rapid growth towards deeper integration and iteration, with ongoing consolidation expected [4] - The application of artificial intelligence, particularly large language models, is anticipated to enhance the personalization of robo-advisory services, transforming them into intelligent financial partners [4][7] - The industry is likely to see a shift from mere algorithmic recommendations to more human-like, personalized financial advisory interactions [4][7]