Until very recently would be investors had a choice – pay for advice from a financial advisor or become a DIY investor and manage their own investments. However well intentioned, the government’s 2012 Retail Distribution Review resulted in very large numbers of people being either unwilling to pay for financial advice or denied access to it. Now the financial technology – fintech – revolution is providing another solution for those wrestling with tuition fees, spiralling housing costs and retirement planning – digital wealth management, or robo advisors. In the States the ‘401k’ conversation has graced many a dinner table, but in the UK we are really only just getting to grips with pension freedoms in a post-final salary scheme world, just when investment returns are at historically low levels. DIY investing requires some effort and retail investors need to work really hard to remain dispassionate in their decisions in order to avoid the ‘buy high, sell low’ trap.

Now, with the blessing of the regulator, a new generation of automated investment services has arrived, pushing down the cost of advice and helping individuals with goal setting and asset allocation. One size does not fit all when it comes to financial advice; robo advisors generally fulfill the needs of most beginner investors and investors with an uncomplicated financial portfolio. Suitability of a particular platform may depend upon your net worth and the complexity of your investments, and may be used alongside a DIY strategy. New services coming on stream often differ in their underlying investments, their asset allocation model and their route to market, but so far as is possible, Muckle will deliver and maintain an objective comparison to enable users to find the right platform for their individual requirements. The first generation – dubbed robo-advice 1.0 – platforms vary in terms of their level of automation and sophistication; some considerations for would be investors are: