In 2015, it was projected that American robo-advisers would have US$2.2-trillion in assets under management by 2020. The latest figures suggest total assets are just more than one tenth of that.

“They fully overestimated the market potential," Matthias Memminger, a partner with Bain & Company, said of robo-advisers after studying the robo sector extensively. “Trusting an algorithm is a leap of faith very few people are willing to make."