The Finance & Technology Research Centre has launched a comparison website for robo-advice services.
Called Digital Wealth Insights, the service is aimed at advisers initially but is likely to become a consumer service eventually.
Ian McKenna, director of F&TRC, said: “There are quite a range of propositions in what is broadly described as the digital advice space.
“Robo-advice is a vastly over-used word and it is one we try not to use and it brings up all sorts of negative connotations.
“We have tried to find a way to benchmark all the different services being launched to help consumers and clients of advisers take better control of their finances.”
The website includes summaries of the services offered by 18 robo-advisers and lists their strengths and weaknesses.
Mr McKenna said there were so many new services being launched, reviewing them felt like “painting the Forth Bridge” but he said the project was not about finding the best or worst robo-advisers.
He said: “We are in an emerging space so ‘bad’ is not a word we would use. It is about understanding the differences between the various offerings.”
Among the services already listed on the website are Nutmeg, MoneyFarm, Scalable Capital and Hargreaves Lansdown Portfolio+.
damian.fantato@ft.com
