He said: "They are, at best, a guided menu service to buy a particular fund or portfolio. Very often they won't even distinguish between pension, Isa or general investment account. The consumer has to do that bit themselves."
He professed he was not a fan of robo-services.
He said: "I'm not convinced that any of them will ever make any money, the cost of acquisition for each client is currently way higher than the lifetime value of that client.
"They all need to massively reduce costs to acquire clients, massively increase the average client value or improve margin in some other way or they will continue to lose money for many years to come, sooner or later the funding dries up though.
"FinchTech appears to be part of Tam Asset Management so it is really just a DFM providing a way of accessing it directly and offering to white label that to the IFA."