It was inevitable that someone would launch a comparison website to quantify robo-advice services, and now it’s happened, courtesy of the London-based fintech consultancy, the Finance & Technology Research Centre.
The F&TRC calls its new service, aimed at businesses rather than individual investors, Digital Wealth Insights, and the website is live now at www.digitalwealthinsights.com.
In a statement, F&TRC said it had set up a separate division under the Digital Wealth Insights branding to provide what it said would be “the first comprehensive analysis of the rapidly-evolving digital advice market in the UK and its key players”.
The mainly subscription-based website service is designed for those interested in the robo-advice market to compare the various offerings, whether their interest is in using the robo-advice services in some way or else perhaps in acquiring the businesses, F&TRC said.
A company spokesperson said that the company prefers not to use the term “comparison” website since it compares online wealth offerings “against a benchmark, and gives a thorough analysis of what they each offer”, in the form of “a series of comprehensive reports into each”, while not actually comparing them against each other.
“It is designed to help firms looking to gain an understanding of the competitive landscape in the digital advice market,” the statement said.
“[It] will offer detailed information crucial for anyone looking to add digital wealth proposition to their own service or to invest in the digital and automated advice market, such as wealth managers and advisers, fintech developers and consultants, private equity firms [and] individual or venture capital investors, as well as anyone who wants simply to understand the state of the market.”
A directory of digital advice options in the UK as well as around the world is also featured as part of Digitalwealthinsights.com.
The F&TRC consultancy already provides a service that is designed to help financial advisers compare the quality of financial products on offer, at www.advisersoftware.com.
Details of ’20 key digital advice propositions’
According to F&TRC, details of 20 key digital advice options are currently available on its new robo-advice comparison website, with “a further five to 10 new reviews [to] be added every month”. Nutmeg, MoneyFarm, Scalable Capital and Hargreaves Lansdown Portfolio+ are among the digital advice options currently featured on Digitalwealthinsights.com.
In the statement announcing the launch of the new website, Ian McKenna, director of F&TRC, noted that the term “robo-advice” had become a “vastly over-used word”, with such a host of negative connotations that, at F&TRC, “we try not to use [it]”.
What Digital Wealth Insights aims to do, he added, is “to find a way to benchmark all the different services [in the digital advice space that are] being launched, to help consumers and clients of advisers take better control of their finances.”