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Chart 79: How significant do you think robo advisor platforms will become over the next 3-5 years? 60% 50% 40% 30% 20% 10% 0% Assets will surpass $1T Assets will hit $500B then level Assets will hit $500B then out decline Source: BofA Merrill Lynch Global Research ¢ Based on our polling questions, investors believe that the main beneficiaries of the robo advisor trend will be the passive asset managers (40%), followed by the large broker firms adding robo technology (28%) and the online brokers that have scalable robo platforms (21%). They also believe that the main driver of success for robo advisors will be a low and transparent cost structure (44%), followed by an efficient technology and user interface (25%). Chart 80: Which firms will benefit the most from the robo advisor trend? 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Passive asset Large broker firms Online broker robo Independent B2C Robo advisor firms managers adopting robo platforms that robo advisor firms that have a B2B technology have scale model Source: BofA Merrill Lynch Global Research 54 2016 Future of Financials Conference | 17 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014368