Robo-adviceApr 4 2017

First robo-adviser comparison site launched

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
First robo-adviser comparison site launched

The first comparison service for online investment managers has launched to respond to the growing list of robo-advisers now available in the market.

WealthDunk has unveiled its free service today (4 April) in a bid to “demystify” the robo-advice offerings available.

It has formed partnerships with all of the UK’s major online investment managers, including the likes of Nutmeg, Wealthify, and Money Farm.

The aim of the service is to help investors choose the best online service without having to do extensive research.

Hidden fees and conditions are the bane of this industry so the more these are teased out into the open, the better Matthew Harris

Robo-advice - where computer-based algorithms determine financial advice, rather than an human adviser in a face-to-face meeting -  emerged at the end of the financial crisis, and has grown since then with different service providers now giving consumers a wide range of automated, algorithm-based options. 

WealthDunk’s comparison tool is the company’s first product launch, but it plans to launch more products to help consumers navigate the evolving fintech landscape, while educating them on products and services.

Matthew Harris, IFA and owner of Dalbeath Financial Planning, said: “With quite a few new entrants to this market, most of whom have no track record as such, anything which helps consumers and advisers to compare them will be welcome. 

“Hidden fees and conditions are the bane of this industry so the more these are teased out into the open, the better.”

katherine.denham@ft.com