The robo-advice sector gets more than its fair share of media coverage, so what’s really behind the hype? At Altus, we track over 100 operators in the digital advice market and have noticed a few key trends: firstly, the number of direct-to-consumer digital wealth services in the market has grown; secondly, some of the fintechs who believed they could take on industry incumbents have struggled with the reality of their low-cost models.
In addition, many businesses boast that their services are underpinned by AI technologies, when this is only the case for a few. The ones that are doing it right are putting positive customer journeys at the heart of their advice solutions and are thinking harder and digging deeper than their competitors. Be careful: don’t become a slave to the algorithm – businesses that optimise the expertise of their people and harness the power of machines will be eternally grateful and head and shoulders above the rest.
As seen in Citywire Wealth Manager on 20/11/2018
