Robo-advice has become a familiar phenomenon since the regulator put its weight behind helping firms develop propositions but is there actually a market for it? One consultancy has its doubts ...
There are various definitions of what robo-advice actually is, ranging from strict online algorithms to hybrid human-robo services. One thing is clear: there has to be an element of advice - that is to say, a personal recommendation via an online platform. The regulator started openly to express interest in the subject in the run-up to the Financial Advice Market Review (FAMR), which saw in robo-propositions the potential to offer cheaper forms of advice to a wider market. Robo-advice was seen as one of the answers to helping the mass market make financial decisions - and particularly...
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