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KPMG Robo Advising Summary

Core Content

KPMG's report explores the growing trend of robo advising in the financial services industry, highlighting the opportunities and challenges for banks and brokerages in this emerging market. The report emphasizes that robo advising, which provides automated, digital wealth management solutions, is gaining traction and is expected to significantly expand in the coming years.

Market Overview

• Robo advising is a rapidly growing area of financial investing, with both digital upstarts and established brands competing to capture market share.
• The market is projected to grow from $26 billion in 2015 to $500 billion by 2020, driven by increased demand for low-cost, accessible investment options.
• Vanguard's Personal Advisor Services (PAS) and Schwab's Intelligent Portfolios are leading examples of successful robo advising offerings.

Key Trends Driving Robo Investing

• Transparency: Investors seek clear and understandable investment options.
• Accessibility: Low or no minimums and fees make robo advising appealing to a broader audience.
• Enhanced customer experience: Web and mobile apps offer convenience and ease of use.
• Passive investing: ETFs are central to robo advising due to their diversification and cost advantages.
• Millennial interest: Millennials show the highest interest in robo advising, with 80% indicating they would consider it.

Customer Awareness and Interest

• Low awareness: Only 8% to 15% of bank clients are aware of robo advising services from firms like SigFig, Betterment, and FutureAdvisor.
• High awareness: 50% of respondents are familiar with Schwab's Intelligent Portfolios and Vanguard's PAS.
• Interest in digital offerings: Over 75% of respondents would consider a robo advising product from their bank, with 22% being "very likely."
• Beneficiaries of existing accounts: 83.5% of beneficiaries of older clients would consider robo advising, with 29% being "very likely."

Features That Matter Most

• Account aggregation: 73% of respondents find this feature highly attractive, as it allows a unified view of all financial accounts.
• Auto investing: A strong interest in automatic transfers from savings or checking accounts to investment accounts.
• Hybrid models: Combining digital tools with human advisors is a viable approach, as seen with Vanguard's PAS.

Pricing and Value Perception

• Willingness to pay: Customers are willing to pay between $40 to $50 annually for digital advice services.
• Competitive pricing: Traditional banks may have an advantage in offering bundled services with lower fees, as investors value convenience and integration.

Strategic Considerations for Banks

KPMG outlines key questions for banks to consider when evaluating their entry into the robo advising market:

1. Competitive realities: How critical is it for the bank to respond to market changes? How will it differentiate its offering?
2. Product options: What specific products and capabilities can the bank leverage?
3. Client opportunities: Are current clients interested in digital advice? Can the bank cannibalize its own managed account programs?
4. Cultural capabilities: How integrated are the bank's operations? Is there a seamless customer experience across departments?
5. Investing approach: Do stakeholders and clients understand passive investing and ETFs? How can the bank use its expertise to create differentiated portfolio offers?
6. Digital strategy: Is there a unified user experience across web and mobile platforms?
7. Partnership opportunities: Are there potential partners for white-labeling or co-development of robo advising solutions?

Conclusion

The robo advising market is growing rapidly and presents a significant opportunity for banks to enhance their offerings and deepen client relationships. KPMG recommends that banks act quickly to capitalize on this trend, as clients may otherwise seek these services from other institutions.

About KPMG Strategy

KPMG Strategy provides expertise in developing digital and wealth management solutions, helping firms with:

• Market evolution insights
• Vendor assessments
• Digital offer development
• Strategic business planning
• Operational and technology infrastructure design

Contact Information

• Daniel O'Keefe: Principal, U.S. Strategy Banking Leader
  Email: danielokeefe@kpmg.com
  Phone: 404-222-1806

• Jonathan Warmund: Director, Strategy
  Email: jwarmund@kpmg.com
  Phone: 415-963-7545

• Ben Lewis: Director, Strategy
  Email: benlewis@kpmg.com
  Phone: 917-438-3625

• Fiona Grandi: Partner & US FinTech Leader
  Email: fgrandi@kpmg.com
  Phone: 415-963-7812
  LinkedIn: www.linkedin.com/in/fionagrandi

Survey Methodology

• Conducted with 1,500 bank clients in October 2015 using MFour's mobile survey technology.
• Anonymous survey covering demographics, income, and geographic distribution across the U.S.