China’s super rich are wary towards AI ‘robo advisers’, preferring humans instead
China’s super rich are less trustful towards robo advisers than their US counterparts, according to global consultancy McKinsey
Super rich investors in mainland China are skittish towards robo investment advisers taking control of their investments, reflecting a major shift from the US where the asset management tool has enjoyed growing popularity, according to global consultancy McKinsey.
Only about 11 per cent of mainland securities investors with investible asset of more than 3 million yuan (US$477,000) endorse the technology to make investments, according the survey released on Tuesday.
About 32 per cent of all respondents said they would endorse robo-advisers for full investment dealings.
The findings show that the majority of mainland securities investors look to robo advisers as an additional source of investment information and financial product recommendations.
However, few are ready to trust artificial intelligence for making calls on investments, in contrast to the faith investors place in robo-advisers in the US and other developed markets, McKinsey said.
“Mainland securities investors are little interested in how robo-advisers work in matured markets,” said McKinsey in the report.
The consultancy polled more than 2,000 investors with investible assets ranging from 10,000 yuan to 6 million yuan from across 44 mainland cities in the July to September quarter.
