Almost half UK wealth managers call robo-advice a 'threat'

Firm already launched robo-advice product in the US

Almost 40% of UK wealth managers are fearful of the threat robo-advice will have to their business, according to Vanguard.

In a survey of 70 UK wealth managers, Vanguard found the views of robo-advice were equally split. Almost 40% viewed robo-advice as a threat while almost 40% viewed it as an opportunity increase efficiency and attract new clients. The remainder said they were either yet to form an opinion or felt there would be minimal impact. Earlier this year, Vanguard's US business unveiled a robo-advice offering, which provides portfolio management for investors with minimum assets of $50,000 and charges as little as 30bps per annum. Its hybrid 'Personal Advisor Services', which combines an o...