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Robo and platforms to grow UK assets £100bn by 2023

Robo and platforms to grow UK assets £100bn by 2023

Private client assets invested via fund platforms or robo services are set to takeoff, with gowth of over £100 billion over the next five years according to a survey of sector executives.

The survey, conducted by marketing and consulting agency BoringMoney, was compiled from interviews with 17 bosses of platform and robo firms, collectively administrating £200 billion.

It found that 57% of those surveyed predicedt assets in the £209 billion industry will reach over £315 billion over the next five years.

More than a third (36%) forecast more modest asset growth to between £252 billion and £314 billion, however.

Founder of BoringMoney founder Holly Mackay (pictured) said: ‘Although robo advisers retain a tiny market share today, we think that "robo mark 2" has the potential to accelerate growth.

‘The focus will shift from the provision of online decision trees leading consumers to a pre-packaged portfolio, and move more towards advice.

She continues: ‘If the banks and life companies can crack this space, this will also fuel growth. But that’s a big "If".

‘They are typically slow and hamstrung by committee-think so this needs to be a story of specialist partnerships and collaboration rather than a solitary offensive as in the past.’

 

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