By Daniel Lanyon on Monday 3 September 2018
The newly launched digital wealth platform says that for people leaving UBS' robo advice platform following its closure there will be a discounted fee level for life.
Launched in July 2018, Tiller says its fees are already cheaper than those charged by UBS Smart Wealth but that the company is offering a further average 20 per cent discount to all clients that transfer the assets to Tiller.
The offer starts today and is available until 31 October 2018. Ian Cadby, Chief Executive Officer & Co-Founder of Tiller, says the news that UBS Smart Wealth is shutting down its robo-advice service came as a surprise to us.
“All the evidence suggests that the robo-advice market will continue to grow. In the last year, robo-advisers in the UK grew their assets by 80 per cent. Meanwhile, in the US, two early robo-advisers now manage over $24bn between them. Financial institutions are reaching out to firms like us, to explore building their own robo-advice proposition. We are hugely optimistic about the growth prospects.”
One strong for this in the UK, he adds, is that there is an ‘advice-gap’ - people who have saved thousands of pounds still don’t have enough money to access investment advice.
“Tiller exists to solve this problem. We offer both passive and active fund options, as well as thematic investing, we believe we are an ideal choice for the UBS investors seeking both choice and personalisation.”