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RBS set to launch robo-advice proposition

RBS set to launch robo-advice proposition

Royal Bank of Scotland is set to roll out its robo-advice proposition. 

According to the Financial Times, RBS will launch the service for around five million customers on Monday under its Natwest brand. 

The service, which aims to plug the 'advice gap', will be available for clients with a minimum of £500 to invest. The total cost of advice, investment and platform fees will stand at 0.95%. 

According to the FT, customers will be given an investment plan after completing an online questionnaire, which will include a selection fund choices. 

The fund range will reflect the risk-graded portfolios Natwest has on its execution-only services. 

The service will also provide advice, giving customers recourse in the event they have been mis-sold to.

The launch could serve as a precursor for RBS-owned Coutts to offer a digital solution tailored to the private client market. 

In an interview with Wealth Manager earlier this year, Coutts head of wealth and investment management  Camilla Stowell said the business was looking to offer robo advice, committing to spend at least £20 million on technology upgrades. 

‘We are working on simplified advice, so for want of a better word, robo advice. But we are thinking about that for Natwest, as well as whether or not it would be relevant for elements of Coutts,’ Stowell said.

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