There has been much talk and interest around "robo-advice". But exactly what it is, what it offers and what it can provide to individuals is less clear and varies widely between different offerings.
The use of the term 'advice' may also be a misnomer as it is likely that many of the current offerings will probably be guidance rather than advice.
The Finance & Technology Research Centre comparison website, Digital Wealth Insights, seeks to compare 18 different providers of "robo-advice" without judgement or conclusion and may help to shine some well-needed light on this as yet much talked about but very unclear area.
The Finance & Technology Research Centre has launched a comparison website for robo-advice services. Called Digital Wealth Insights, the service is aimed at advisers initially but is likely to become a consumer service eventually . Ian McKenna, director of F&TRC, said: “There are quite a range of propositions in what is broadly described as the digital advice space. “Robo-advice is a vastly over-used word and it is one we try not to use and it brings up all sorts of negative connotations. “We have tried to find a way to benchmark all the different services being launched to help consumers and clients of advisers take better control of their finances. ”The website includes summaries of the services offered by 18 robo-advisers and lists their strengths and weaknesses.