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Robo advice

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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:  
Annual Fees– Be aware of hidden costs and ETF management charges.
Minimum Deposit– Some firms you can start out with nothing and others require sizable amounts to start with.
Asset Allocation– Asset allocation can vary based upon your age, and the way you answer their risk assessment questions.
Account Type Support– Do they offer general investment, ISA and SIPP accounts?
Automation– Some services are 100% automated others deliver human assisted advice.
Goals – Can you set more than one end-goal – eg, tuition fees and retirement?
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 Management Fee Fund Charges Account
type
Account
minimum
Investment managementInvestment instrument
RebalancingHuman
assistance
Risk
management
AccessMore information
0.7% platform fee (min £70 GIA/ISA min £40 JISA)0.23% fund management feegeneral investment
ISA
Junior ISA
£2,000 GIA/ISA
£100 pm JISA
investment managerETFs
funds
monthlyyesclient selects one of six risk based model portfoliosdesktop, tablet, iOS appVisit site
1.19% to £100k
0.99% to £250k
0.79% to £500k
0.69% to £1m
0.7/0.8%general investment
ISA
SIPP
£1,000 lump sum
£250 pm
wealth manager
simplified advice
Collectives - inc unit trusts and OEICsongoing monitoring
quarterly rebalance
Mon/Fri 8.30am - 5.30pmBest ideas/positive impact portfolios
Low cost portfolios
desktop, tablet, app, telephoneVisit site
0.48% TER
0% on 'Young Investor' account
0.12% fund management fee general investment account, ISA, Junior ISA, SIPP£100Model portfolio
Custom asset allocation option
ETFsportfolios rebalance weeklynogoal based risk managementdesktop, tablet, Android, iPhone, WindowsphoneVisit site
0.25% management fee
0.10% product fee
0.13% max fund management feegeneral investment
ISA
SIPP
£1restricted advice - 'money management'ETFsyeslive chat
online
telephone
Skype
goal based investingdesktop, tablet, app - iOS and Android, telephoneVisit site

0.75% £10K to £100K, 0.50% £100K+0.25% averagegeneral investment
ISA
£5,000automated daily investment management ETFsdailywebchatindividual, daily
ten risk profiles
24/7AI-driven wealth manager. More >
0.95% all inincludedgeneral investment
ISA
£10,000 lump sum
£50 pm
discretionary wealth managementETFsongoingemail five risk adjusted model portfoliosdesktop, tablet, android, iOSVisit the site
initial 0.25% + 0.34% asset management fee0.46 - 0.52% fund management fee general investment
ISA
£1,000automated investment advice
active discretionary management
actively managed funds and ETFsyesnomodel portfolios and risk assessmentbrowser based desktop, tablet, mobileVisit site
hsbc robo advice0.5% initial 0.49% ongoinggeneral investment
ISA
£1,000
£50 p.m
adviceHSBC fundsongoing chat/telephonerecommended HSBC fundvia online banking and appVisit site
0.65% up to £50k
0.35% £50k to £250k
0.1% over £250k
0.20%
0.06% market spread
general investment
ISA
SIPP
£250 per account type
£50 p.m
investment manageriShares ETFsyes
quarterly
yes telephone
webchat/community
five risk based portfolios cautious to aggressive
annual risk review
browser basedVisit site
investengine robo 0.45%0.17%
0.04% market spread
general investment
ISA
business
£2,000discretionary investment managementETFsongoing
by exception
email
telephone
risk adjusted model portfoliosbrowser based
iOS/Android app
Visit site
moneybox micro-investing£1 pm per account
0.43% robo fee
0.23% fund chargegeneral investment, ISA, JISA
LISA, SIPP
£1
£8 pm
automated investment managementETFsyesapp chat
academy
three risk adjusted investment optionsiOS/android app onlyVisit site
0.7% <£20k
0.6% £20k - £100k
0.5% £100 - £500k
0.4% £500k +
0.30% fund management fee
0.09% market spread
general investment
ISA
SIPP
£100
£100 pm if < £5k
automated investment advice
advice available
ETFsyeslive chat
telephone
email
twelve risk adjusted portfoliosdesktop, tablet, iOS, android appsFull review
Visit site
£69 initial advice
0.7% ongoing advice
0.3% ongoing discretionary management
min £3/month
£99 set up pension
general investment
ISA
SIPP
£1,000
£50,000 considered viable
hybrid managed portfolios - ETFs and actively managed fundsyeslimited personal advicemodel portfolios and risk basedbrowser basedVisit site
munnypotInitial advice £5 - £500
Platform fee 0.11%
Sliding monthly monitoring fee
0.22% maxgeneral investment
ISA
JISA
£250 lump sum
£25 per month
automatedETFsyesWhatsApp-style chatbotVanguard Lifestrategy funds 'mobile first' technology, online Visit site
natwest robo advice0.35%0.6%
0.07%
general investment
ISA
JISA
£50
£50 pm if < £5,000
online investment service
automated advice
Natwest investment fundsyesemail
telephone
five risk adjusted fundsonline
app
Visit site
0.65% > £250k
0.5% > £500k
0.35% £500k >
0.3%
0.0%% trading cost
general investment
ISA
JISA
SIPP
£50,000
£5,000 if invited to a network
investment management
financial advice
ETF
UT/OEICs
yesemail
telephone
tied advice
seven risk managed portfoliosonline
app
Visit site
nutmeg Fixed portfolio 0.45% <£100k, 0.25% beyond.

Fully managed and Socially responsible
0.75% < £100k, 0.35% beyond.


0.17% fixed
0.19% average
0.32% socially resp
general investment
ISA
SIPP
JISA
LISA
£500 per pot
Min £100 per month <£5,000 invested.
Pension £5,000 min
discretionary management investment adviceETFsyeslive chat
email
telephone
five risk rated portfoliosbrowser based, tablet, mobile, appFull review
Visit site
robo advice0.25% platform
0.10% product
0.15/0.17%general investment
ISA
SIPP
£1
£! pm
automated investment
financial advice
ETFsyeswebchat
education
three risk adjusted portfoliosonline
app
Visit site
robo advice app£1 pm fee
0.15%
0,22% basic
0.32% technology
0.8% emerging markets
0.9% ethical
general investment
ISA
£1savings and arranging investment ETFyesFB Messenger
live chat
Conservative/balanced/growth portfolios
Thematic
app connected to bank accountVisit site
£20 suitability test
0.35%
0.34/0.49%general investment
ISA
JISA
£500
£100 if committed to £100 pm
digital investment adviserSantander mulit-index funds yestelephone
online
four risk adjusted fundsonline banking
app
Visit site
0.59% p.a.0.16%
0.16% trading fees
general investment
ISA
SIPP
£10,000
£100 top ups
discretionary wealth management
financial advice
ETFsyesonline agent
telephone
email
live chat
individually and dynamically managed portfolios, risk assessmentdesktop, tablet, iOS, androidFull review
Visit site
£1 pm to £1,000
0.75% £1,000 >
0.2% - 0.5%general investment
ISA
£25 pmdiscretionary managementfundsyesonline
telephone
chat
mix of sixteen investment funds
online
app
Visit site
TBAgeneral investment
ISA
SIPP
noneautomatedstocks
ETFs
yesnomodel portfolios and risk managementVisit site
0.7%0.3% product
0.14 - 0.2% trading fees
general investment
ISA
£5automated investment managementETFsyeslive chat
online
telephone
four positive impact portfolios - climate change, disruptive technology, equality and combinationonline
iOS/android app
Visit site
0.4% management fee0.76% fund chargegeneral investment
ISA
SIPP
£1active portfolio managementportfolios of active and passive fundsyesyes, email, online, telephonefive risk based portfolios from active to aggressivedesktop, tablet, appVisit site
initial 0.25%
0.75% asset management fee
0.22% fund management fee
general investment
ISA
£1,000 or £100 per month
automated personal discretionary managementpassive fundsyessimplified personal telephone advicemodel portfolio and risk assessmentbrowser basedVisit site
0.7% < £15k
0.6% > £50k
0.5% > £100k
0.4% £100k >
0.22% ave
0.07% transaction fee
general investment
ISA
JISA
£1automatedETFs and mutual fundsyeslimited personal advice
live chat
email
model portfolios and risk assessmentdesktop, tablet, mobile appFull review
Visit site
0.7% >£100k
Wealthsimple Black 0.5% £100k+
0.18%
0.23 - 0.32% socially responsible
general investment
ISA
JISA
SIPP
£1automated investment management
financial advice
ETFs and passive trackersyesYes - free portfolio reviewthree risk managed portfolios - conservative, balanced, growthdesktop, tablet, iOS, AndroidVisit site
robo advice0% to £,1000
£1 pm + 0.45% £1,000 +
0.07 - 0.7%general investment
ISA
£10 thematic investment ETFsyessocial media theme based ETFs based on individual interestsapp basedVisit site

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