Robo advice grows by 133% over 12 months
- Total non-advised AUA was £192.4bn as at Q3 17
- Robo advisers have £1.7bn AUA
- Average account sizes for robo providers are £20,500 compared to an industry average of £52,500
Boring Money has analysed robo-adviser returns for the 12 months to the end of September 2017 from 6 of the major players in the evolving UK market, including Nutmeg, Moneyfarm and Wealthify.
Portfolios are grouped into three categories to enable easy comparison by consumers across different risk profiles:
Online investing assets hit £192bn at Q3 2017 but nervous investors increase cash holdings
Research from Boring Money finds that online investment assets grew to £192.4bn by the end of the third quarter of 2017, an increase of 17% on the year before. Market leader Hargreaves Lansdown grew assets by 21%, increasing its market share to 43%.
Consolidation is also in evidence as TD Direct Investing customers now log-in to Interactive Investor branded websites.
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UK Divorcees: once bitten, twice shy?
- ONS stats reveal divorces amongst opposite-sex couples have increased from 2015 to 2016
- The associated wealth transfer from men to women is having a bigger impact investment providers than inter-generational wealth transfer
- Boring Money research shows once divorced, women aged 55+ become more likely than the national average to always find time for their finance
Nearly 3 million WARY women turn their backs on financial advice
- Only 12% of women hold a stocks and shares ISA vs 19% of men
- Almost a third of women in their 40s and 50s have chosen to not see a financial adviser again
- Women state “Philip Green scenarios” as reason they don’t trust or engage with retirement savings through a pension
- Boring Money warns consumers that price comparisons sites are not always the best pit stop for advice