A new robo-adviser is looking to win over customers of former competitor UBS SmartWealth with a discounted fee deal.
UBS announced last week that its SmartWealth digital investment service would close to new clients and the technology sold to US robo-advisor SigFig.
Tiller, a fresh entrant to the UK robo-advice market, is now trying to lure UBS’s existing customers with a 20 per cent discount on charges for opting out of the Swiss bank’s online wealth management service and transferring their assets to Tiller.
Tiller says its fees are already lower than those of UBS SmarthWealth. The offer starts today and will last until 31 October 2018.
Tiller chief executive Ian Cadby 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.”
“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.”
He adds: “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.”