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Robo-advice News Wrap: BlackRock joins the robo wave

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BlackRock has taken a €30m minority stake in European robo-adviser Scalable Capital as the world’s largest asset manager breaks into robo-advice. Scalable Capital has raked in more than €250m in assets from over 6,000 retail clients. The size of BlackRock’s stake was kept confidential.

New research by Legg Mason has found that everyone thinks personal financial advisers are too expensive and only 75 percent of those with more than £100,000 to invest were willing to pay the going rate of £150 an hour. But contrary to popular belief, the young are more willing than the old to pay for personal advisers.

Vanguard is riding the robo-advice wave and has hit more than $65 billion in assets—four times that of its nearest competitor. The company’s meteoric rise helped sink pension fund Hargreaves Lansdown’s share price 8.5 cents. Vanguard’s success owes mostly to its pricing of 0.15 percent annually — one third of Hargreaves.

This article first appeared on www.roboadvicenews.com.

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