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Tavistock hints at robo-advice market entrance

Tavistock hints at robo-advice market entrance

Investment and advice business Tavistock has hinted it could enter the robo-advice market later this year.

Speaking to New Model Adviser®, Tavistock chief executive Brian Raven (pictured) said the company may look at integrating robo-advice into its business offering.

Following its profitable full year results announced today, Raven highlighted that the business has a focus on ‘growing organically’. In the next six months and as the group continues to develop, Tavistock will look to enhance its platforms via the use of technology.

A robo-advice service ‘will allow advisers to become more efficient’ and improve processes, the chief executive said.

While more information on the potential offering is not yet available, Raven stated that Tavistock would look to discuss this further in its interim report in six months’ time.

Tavistock’s existing advisory business generated a revenue increase of 41% to £25.2 million from £17.9 million. The year also saw the disposal of its Tavistock Financial subsidiary, although it retained 58 advisers.

When asked what has been a key component in Tavistock's profit, Raven highlighted the company's fund management strategy. 'Our increasing discretionary fund business, with 65,000 retail clients receiving advice on £3.5 billion of investable assets; three new funds last year, and two Ucits with a high water mark guarantee.'

Earlier this month the Financial Conduct Authority set out plans to compare IFA and robo-advice services as part of its suitability review next year.

The government said: ‘The review will be published in 2019 and is likely to include a review of the outcomes of automated advice services relative to face-to-face advice.'

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