Tiller Investment, Scalable Capital and Wealthsimple have been rated among the top automated advisers in the UK by F&TRC’s Digital Wealth Insights business.
The three firms scored four out of a possible five hearts by Digital Wealth Insights, which does a month by month look at key players and new organisations, what they offer and how they compare.
Jason Green, head of Digital Wealth Insights, said: “With the increasing pace of new entrants and new development of wealthtech services, the Digital Wealth Insights reviews and ratings provide a constantly reviewed industry benchmark to inform and guide anyone looking to add a digital wealth proposition to their own service or to invest in the digital and automated advice market.
“This is designed to help wealth managers and advisers, fintech developers and consultants, private equity firms, individual or venture capital investors, as well as anyone who wants simply to understand the state of the market.”
According to the in-depth analysis by Digital Wealth Insights, Tiller excels in several areas and applauded the fact that their system enabled customers to create tailored risk-graded portfolios using life goals-based financial planning.
In addition, it praised its flexible platform technology that can accommodate third-party investment solutions.
It also found that the client can choose the investment vehicle of their choice from either an ISA, general investment account or a combination of both.
The rise in standards and professionalism in the robo-advice world has been praised by Keith Churchouse, director and chartered financial planner at Guildford-based Chapters Financial Limited. He said it does not threatened the livelihood of financial advisers, but instead, helps bridge the advice gap.
He added: “It is good to see that this area of financial product and advice distribution is gaining traction and, with the ‘advice gap’ still with us in the UK, this method of engagement will continue to develop as more people move to a ‘digital by default position’ for their life’s needs. It is interesting to note that many High Street banks are also returning, or aiming to return, to the advice market following their withdrawal pre-RDR some years back.
“Professionalism and governance are a vital part of this growing market, along with innovation and technical additions. This is something that we look at closely with our own offering, SaidSo.co.uk. This continued development process will improve market confidence for those who prefer an online approach to their money management; however, it is not for everyone.
“Do I think that both face-to-face advice processes and online product sales/advice can survive the overall competition to serve the public of the UK? Yes, as do the banks clearly, and both will thrive in their respective markets.”
Aamina Zafar is one of the UK’s leading financial journalists. She has previously worked as a senior reporter at FT’s Financial Adviser. The award-winning journalist writes regularly on the IFA community, mortgages, pensions and financial regulation.
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