ETF robo-adviser sees 10,000 downloads in first flush

ETF robo-adviser sees 10,000 downloads in first flush

A new ETF-based robo-advice platform has had its app downloaded more than 10,000 times, which it claims is the most for any such service in Europe.

ETFmatic was launched in June and provides clients with “unique” diversified portfolios for 0.5 per cent a year.

The service has been launched online and as a mobile app in 17 European countries, including the UK.

Luis Rivera, chief executive of ETFmatic, said: “We all deserve a simple and cost effective way to put our savings to work.

“Customers are better off with unique portfolios that use ETFs as building blocks than with expensive fund products managed by financial institutions.

“We believe that there is a portfolio which behaves the way you want it to behave

“Instead of being sold a portfolio which has been put together by someone else and pushed because of the incentives that are in place, instead we ask, ‘what are your needs?

“If you are the sort of person who gets scared when there is a market downturn, then we need to adjust for that.”

Mr Rivera said ETFmatic had “hundreds” of portfolios and has been growing consistently at 10 per cent a week since its launch.

The service requires a minimum investment of £100 or €100.

ETFmatic’s head of client relations Stefanie zu Donha said the company is not expecting the UK’s Brexit vote to have an impact on its plans.

She said: “So far the Brexit doesn't affect any of our customers. As a firm we do not believe that the Brexit poses a short-term regulatory risk.

“But depending on the outcome of the Brexit negotiations it could be that the UK will lose their passporting license.

“We are taking the necessary steps to ensure that this will not impact our ability to serve our clients outside of the UK.”