Has anyone here used a robo advisor?

eskbanker

bowlhead99 wrote: »

That article was written by an imbecile

bowlhead99 wrote: »

the writer of the article is an idiot.

jimjames wrote: »

the "journalist" that wrote the article is clueless

Gadfium wrote: »

Nulldrone- your researching skills need a brush-up!

I think all of the above comments are rather superfluous, this was the only text on that page that needed to be read:

This is Money is part of the Daily Mail, Mail on Sunday & Metro media group

colsten

colsten wrote: »

who offers robo advisors?

Found one in the UK: http://www.fiveraday.co.uk/

I have done the "Free Personal Investment Report" to get a feel for it. They do say the service isn't for everybody, and it isn't for me as my financial affairs are too complex for it, but I reckon it could be really good for people who are starting out investing, don't want to DIY it, and can't get an IFA interested as they haven't got £100K+ to invest.

Anyone else tried them? Anyone know of any other UK robo advisors?

Al.

Colsten,

Blimey. Such is the power of the Internet. Fiver a Day is mine, it launched today and has been years in gestation so I hope you found it useful. I'd welcome constructive feedback. I'm an IFA and I've long wanted to roll something like this out for a number of reasons. We need to close the advice gap - for those starting out and those frustrated with high costs.

In answer to your question, and you can get this straight from the horses mouth, if your needs are involved, no.. it's not for you. I have absolute faith and belief in the portfolios, the investment process, the costs are very cheap and the functionality is second to none.. but honestly, if your needs really are that complex, you should probably track down an IFA. It doesn't have to be expensive either.

This is me, guesting on Pete's blog this morning.. we're nattering about Fiver in particular, and robo advice in general. Pete does a great blog, well worth subscribing to.

Al Rush.

colsten

The world's a village these days.....thanks for identifying yourself, Al.! Afraid to say, however, you are now treading rather dangerous grounds as you are not supposed / allowed to peddle your own stuff on the MSE forum. Best check your position with MSE Towers before they take you out.

Al.

Colsten,

That thought crossed my mind too - at least I told you not to bother, so no one can accuse me of touting. I just wanted to tell you where you may have stood with the site, that's all. I suppose my sense of responsibility compelled me to respond.

Mods: no transgression intended - apologies if I may have inadvertently stepped over the line though - exercise book now being slipped down the back of my shorts in anticipation of a damned good thrashing. I simply responded, I hope we're cool.

:beer:

dunstonh

The board expects you to put a disclosure in your sig if you are commercially active in the areas you are discussing. That way people know where you are coming from when you post.

Jsscmm

The fresh outlook page link from the homepage (lime) goes to a broken link.

Seems very 'interesting' to mention another broker only dealer by name... Might open you up to legal implications with minimal benefit.

Whilst ISA is mentioned no reference to SIPP which I assume is based on the types of account you offer.

I didn't read the details but I didn't see any reference to nominated holding accounts or similar.

The fruit theme seems to flow nicely.

Good luck.

Al.

dunstonh wrote: »

Its something the FCA want to bring in. Not sure anyone can under the current regulation and compliance requirements.

By way of a catch up, and interestingly, on or about the date you wrote that, the FCA launched the Financial Advice Market Review. You're insightful enough to know that the matter of robo-advice is high on that agenda and your point about Nutmeg is well made.

Al.

colsten wrote: »

A robo-advisor will shoehorn you into a fairly generalised, impersonal risk profile and it won't discuss your needs with you. I would be very surprised if it is actually classified as "providing financial advice", which is a regulated activity.

By way of a catch up with this thread, and walking a very fine line (!), good robo advice will take into account as many of your circumstances as possible. It has its limitations though; it can't look you in the eye and bring out inner held conviction and it can't tell you to hold your nerve when the markets bomb.

But, for those with simple needs, it's priceless - as long as we remember what it can and can't (and mustn't) do. I'll be keeping in touch with clients throughout the year, making sure they're still suitably invested - maintaining its integrity is vital. Finally, it is classified as regulated financial advice. I jumped through more hoops than you might imagine to get it signed off.

Al.

Jsscmm wrote: »

The fresh outlook page link from the homepage (lime) goes to a broken link.

Seems very 'interesting' to mention another broker only dealer by name... Might open you up to legal implications with minimal benefit.

Whilst ISA is mentioned no reference to SIPP which I assume is based on the types of account you offer.

I didn't read the details but I didn't see any reference to nominated holding accounts or similar.

The fruit theme seems to flow nicely.

Good luck.

Was that to me?

No, no pension yet. Hopefully, very soon. That one is pushing the limits at the moment, I'm not entirely happy with the regulator's thinking, the process, technical architecture etc.

The client owns his own account. That's it - no complexity. I work with a company called Parmenion to deliver the service (although the funds are not Parmenion funds).

It seems fine now, I am stunned by the amount of people signing up for the newsletter so maybe I need to crank up the bandwidth juice .