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The UK has 30,000 independent financial advisers with opinion split on whether robo-advice will make them redunadant or complement them. Over the summer two incumbents got active with Aberdeen Asset Management acquiring Parmenion Capital Partners, and the insurance company LV=, acquiring Wealth Wizard (both are UK based Robo's)
In America, robo-advisers already manage funds of $6 billion. The UK market is small by comparison, but experts say that is about to change. Ian McKenna, of the Finance & Technology Research Centre, said: “The British market has overlooked robo-advice mainly because it has been grappling with major regulatory changes that have reshaped the advice industry. But big British companies are beginning to clock the potential. “The UK is now where the American market was two years ago — and over the past two years robo-advice has taken off in the US.” This month, Aberdeen Asset Management bought Parmenion Capital Partners, a robo-adviser, and LV=, the insurer, has just bought Wealth Wizard, a similar company.
