The Euro robo-advisers space continues to evolve, with several participants predicting the breadth of offering will grow from the relatively limited range of products on offer now, according to PBI research.
Euro robo-advisers are undoubtedly gaining traction. This is despite the relative strength of various robo-advisers operating in Europe, their varying levels of maturity and willingness to disclose customer numbers and assets under management.
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According to MyPrivateBanking Research, by the end of 2020 more than $4trn will be managed by robo-advisers and automated investment platforms worldwide.
More than 40% of the wealth managers surveyed for the Forbes report AI and the Modern Wealth Manager described robo-advisers as essential and the best way to manage a portfolio (almost twice the figure for 2016).
A further 47% said they were useful in conjunction with human involvement in the investment process.
At the end of 2017, Nutmeg had over 50,000 customers (double the figure for the same period in 2016) and had grown its AuM by 93% over the previous 12 months to more than £1bn observes CEO, Martin Stead.
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By GlobalData“Our customers span all life stages with varying degrees of investment experience and wealth,” he says. “We are serving high net worth clients as well as first time investors who make up around 40% of our customer base. The average customer age is 41 and just under two thirds are male.”
Richard Theo, co-founder and CEO of Wealthify, notes that it has gathered more than 30,000 registered users since May 2104, although he was unwilling to disclose its AuM. The typical user is around 40, male, has an ISA (individual savings account) and earns around £45,000.
Euro robo advisers
Earlier this year Moneyfarm announced that its AuM had reached £400m from more than 27,000 active investors, making it one of the few digital wealth managers in Europe to be successfully operating at scale in more than one country according to co-founder and CEO, Giovanni Dapra.
“There is a common misconception that digital investments are only being adopted by millennial investors, but we are noticing an increase in the age of our customers,” he adds.
You can read the full review of the European robo-advisory space by in the September subscription issue of Private Banker International.
To subscribe, contact the PBI team by emailing: briefings@verdict.co.uk Or call: 44 (0) 20 3096 2603
