Thousands use LV’s robo advice service
Almost 6,000 people have used LV’s full automated financial advice service since it was launched in summer 2015, in an early indication that there is a significant market for comprehensive robo advice. The friendly society also revealed that 24,000 people had used its less comprehensive “automated guidance” service. However, LV was “unable” to reveal how many of the 6,000 customers who paid the £199 for a full statement of advice went on to pay £499 to execute the statement of advice. A spokesperson added that “a number of clients” who initially engaged online had gone on to call LV’s telephone advice service. “[This] suggests that there is demand for online […]
Robo-Advisors are a Big Hit in U.S. – but not so much in Europe
Financial advisors need to be aware: robo-advisor services are popular in America, but not pervasive in Europe. Asia, though, is seeing faster growth. A new study shows that robo-advisor services are predominantly used in the U.S. and that only 1% of survey respondents in major European countries like the U.K. and Germany say they are using robo-advisor strategies in their investment portfolios. “Adoption of robo-advice in the United States accelerated dramatically with the entrance of the major retail investment brands,” says Investment Trends in its “2016 Robo-Advice Report.” While 950,000 online share investors already embrace robo-advice, this figure has nearly doubled in the last 12 months alone (47% of the […]
Robo advisor Scalable reaches £100m of assets
Shortly before Christmas the start-up reached €100m of assets under management in 10 months, making it among the fastest growing robo advice companies. Wealth manager start-up Scalable Capital has past £100m AUM, with assets growing at nearly £5m a week, co-founder and CEO Adam French said in an interview. The firm, which uses automatic algorithms to manage the risk of portfolios on a daily basis, has over 2,500 customers and reached €100m AUM on Dec. 14, 2016. “Reaching this milestone so quickly underlines the trust our clients put into us,” said French. The Munich-based company has an office in London, which French overseas, and also passports into Austria through its […]
