Robo-advisers defiant in face of Brexit shocks

However Bruce Moss, strategy director at eValue, said he expected all existing EU legislation will be enacted into UK legislation, limiting the impact on the sector.

Many robo-advisers offer a “guidance only” service, with the consumer making self-directed investment decisions.

This means possible delays in regulation as a result of Brexit will have little impact on them, he added.

“The only reason Brexit might slow the development of robo-advice would be if investment markets were to tumble; this would have the double impact of hitting the profitability of financial services businesses and damaging investor confidence.”      

Mr Moss said: “Successful firms will not be distracted by Brexit, which is irrelevant to the development of game-changing robo-advice.”

David Harrison, managing partner of True Potential, said missing from the public debate around Brexit is a “positive vision and a readiness” to make the best of where we are. 

“I view this as a chance to be masters of our own destiny now and to improve regulation versus getting bogged down in it,” he said, adding: “The entrepreneurial firms and advisers who innovate are the ones who will do well out of this."

Mr Harrison also said Brexit has been good for his business: "It might be a stretch to say we’d like a Brexit every week, but we certainly have seen no bad effects, and we’re very optimistic about the future."