UBS closes robo-advice investment service after two year trial

Signal of change / UBS closes robo-advice investment service after two year trial

By Esther Maughan McLachlan / 08 Sep 2018

UBS has shut its online investment advice service to new clients less than two years after launch, marking one of the first significant casualties in the UK robo-advice market.

So what?

The Swiss bank launched its automated online investment service, SmartWealth, in 2016 as part of an $1bn investment to attract younger clients and those with less money to its wealth management business.

Does this signal suggest investors are still wary of trusting their savings to algorithms?

Sources

https://www.ft.com/content/21bec7e6-aba4-11e8-89a1-e5de165fa619

What might the implications of this be? What related signals of change have you seen?

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