Contrarian Investor: Robo-advice - the big bank power play

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Contrarian Investor: Robo-advice - the big bank power play

Robo-advice is something of a paradox. Despite all the fevered debate and discussion about this being the next big thing in investment, I have yet to run into anyone who invests in any of the blazing new start-ups.

Actually, I did meet one of those Millennials who said they would stick £5,000 into an account as a 'tester'. And then promptly withdraw it again to pay for their first mortgage. Clearly, I do think robo-advice is the next big thing. I also admire any young business such as Nutmeg trying to build a financial advice firm that investors trust. I also think some form of automated investing is the answer to the yawning advice gap opening up for anyone with less than £50,000. My qualms largely centre on who will end up doing the disrupting. I have already observed on these pages that the e...

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