Mass affluent investors are more likely to use a robo-advice service in place of a human financial adviser than higher net worth individuals or institutions, according to a survey by Australia’s Chartered Financial Analyst (CFA) institute.
Australia-headquartered platform provider Praemium has posted a 23% increase in funds under administration (FUA) for the year to 31 March, 2016.
UK millennials are more open to receiving financial advice from automated services, so-called robo-advice, than their counterparts around the world, a survey by global asset manager Legg Mason has revealed.
South Korea’s Financial Services Commission (FSC) has announced plans to overhaul the country’s financial advisory sector, with IFAs set to provide independent advice while adopting a new fee-based only regime similar to the UK.
The Australian Securities and Investments Commission (Asic) has released a draft of its proposed guidance on providing digital financial product advice services, or robo-advice, to retail clients.
More investors trust the media on investment than robo-advice services despite the rising numbers of start-ups and established companies entering the online space, according to Legg Mason’s 2016 Global Investment Study.
The People’s Pension provider B&CE has joined forces with retirement specialist LV= to launch a £49 robo-advice service, aimed at those approaching retirement.
Macquarie Bank has launched a robo-advice service in Australia for savers who do not currently receive advice and want to manage their own investments online.
The ‘industrial revolution’ in technology will continue to overturn both client expectations and the demands they make of financial services firms, says Nucleus CEO David Ferguson.
South African robo-advice provider SmartRand has opened up the country’s financial advice market to lower level investors, creating much broader demand.
I have lost count of the amount of articles about so-called robo-advice. It certainly is the “flavour of the month” and, if we believe all that we hear, will soon become the most important element in the delivery of financial services. I have some strong views on this…
European regulators have announced plans to investigate the increasing use of ‘robo-advice’ in the financial services industry in order to work out what action may be needed to control its growing use.
