The “myriad” financial needs facing Millennials, coupled with increasing longevity risk confronting older investors, have driven change in the robo-advice space, with the improving abilities of such services now extending beyond “traditional boundaries,” Finovate research analyst David Penn says.

“The growing capacity of robo-advisers to help manage other aspects of personal finance supports a more expansive view of wealth management and financial planning,” Mr Penn said.

“This includes everything from healthcare planning, insurance, even real estate, education and leisure.”

As robo-advice becomes “both more sophisticated and more accepted”, wealthy investors are increasingly making use of these services to manage parts of their finances, Mr Penn said.

“Catering to high-net-worth clients, according to some, involves both greater technological sophistication on the part of robo-advisers, as well as more extensive customer service.

“Specifically, high-net-worth clients may require access to more complex investment vehicles, including non-equity investments, as well as more advanced rebalancing and tax harvesting than the average investor.”

Fintech services designed to help high-net-worth individuals manage their wealth are emerging in the market, Mr Penn said, adding that high-net-worth individuals already using these services increased their investment from 5 per cent to 20 per cent in the last two years.