Robo-advice: Report detects 'elephant in the room'

Robo-advisers are "paradigm changing" but assuming they will find their own customers is "dangerously incorrect" and could "spoil many careers in financial services", the report, entitled The Robo Revolution and collated by risk profilers FinaMetrica, concludes. Acquisition costs - which include finding and converting new prospects - have been estimated at £200 per client in the UK, which is "beyond the means" of many advisory firms and explains their slow growth, the report adds. The FinaMetrica study takes a macro look at automated advice models around the world - the market is esta...