Condor Capital released its “Q2 2023 Robotics Report,” tracking 42 accounts across 27 different vendors. Robot Ranking Schwab Intelligent Portfolios and Merrill Lynch Edge Guided Investing topped the list of best overall robo-advisors. The rankings, which are based on more than 45 metrics including actual performance data, highlight the growing prominence of robo-advisors, which are becoming increasingly popular due to their affordability and minimal investment requirements. Market Overview For global investors, 2023 was a more stable year than the previous one. Domestically, the S&P 500 surged 16.88%, led by the tech sector, boosted by the development of artificial intelligence. The consumer discretionary sector thrived, while value stocks such as staples and utilities lagged. Internationally, developed markets underperformed the U.S., with the MSCI EAFE index up 12.16%. Notably, both the European Central Bank and the Bank of England raised interest rates four times. Industrial Upgrading The robo-advisor industry has undergone upheaval. FutureAdvisor, which has been part of BlackRock since 2015, is transitioning to Ritholtz Wealth Management. Bloom, a 401(k)-focused robo-advisor, shut down in 2022. UBS’s unexpected attempt to acquire Wealthfront for $1.4 billion in 2022 failed, leading them to acquire Credit Suisse for $3.25 billion. Betterment has encountered challenges, charging a $4 monthly fee for smaller accounts and settling with the Securities and Exchange Commission over software issues. Schwab was fined $187 million by the SEC over its disclosures about cash allocations and has since reimbursed customers. Vanguard has improved its digital advisor services, rebutting past criticisms and solidifying its lead. A looming issue in 2023 is the role of artificial intelligence in industry. |
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