News

Our offer to UBS SmartWealth clients

 

We would like to support clients affected by UBS surprise decision to shut their robo-advice service, SmartWealth1.

If you are a SmartWealth client looking for a new home for your investments, you may wish to consider transferring to Tiller. Whilst our fees are already lower than those of UBS SmartWealth2 we are offering a further discount if you transfer out of UBS to us in the next 60 days. This won’t be temporary discount either, we’re offering an average 20% discount off our standard fees3 for the life of your investment transferred to us.

Independent of any asset management company, we can buy and sell the investments best suited to our clients. We have no bias or in-house funds and offer a choice of ETFs only (passive) or passive and active portfolios.

Client portfolios are safely held in a ring-fenced account with our custodian, SEI Investments (Europe) Limited (“SEI”). They manage or administer over £660 billion of assets on behalf of banks, wealth managers, corporations and high-net-worth families (As of 30 June 2018).

To see the portfolio we could build for you click here.

 

Growth in digital wealth management

It was surprising news to us that UBS made the decision to shut down its robo-advice service, SmartWealth, so soon after launch.

Whilst robo-advice in the UK had a slow start, assets with UK digital wealth managers grew by 80% in the last year and continues to grow. In the US two early robo-advisers now manage over $24bn (£18.5bn) between them4. Financial institutions of all sizes including big names continue to contact us, to explore building their own robo-advice platform to help address two big issues facing the wealth management industry:

  1. How do they cater for investors seeking professional investment help who fall below their normal minimums?
  2. How do they retain a client who inherited an account on their platform?

So, we expect the robo-advice market to continue to grow.

This is a good thing.

Of course, we have an inherent bias in saying that, but we believe the UK needs a better and more accessible savings and investment habit.

The problem is that people who have saved thousands of pounds still haven’t got enough money to access investment advice. Historically someone that saved up £25,000 might walk down the high street and consult a financial adviser. However, the costs of delivering financial services now mean most advisers can’t afford to service clients with less than £100,000 to invest.

This leaves a lot of people with substantial savings precluded from advice. With no guidance, they must do their own research and on-going monitoring of their investments.

This is the so-called ‘advice gap’.

Robo-advisers like us exist to help solve this problem.

Our technology allows would be investors to identify their investment goals, understand their personal risk tolerances, check the suitability, and affordability of our portfolios enabling them to determine the right product for their investment needs.

Currently robo-advice doesn’t help with complex planning needs, which remain better addressed by a holistic financial planner.

However once invested robo-advisers behave like established discretionary investment managers. They run diversified portfolios for you with on-going rebalancing and research carried out by a team of investment professionals. As robo-advisors tend to have lower overheads this is reflected in their fees.

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

2 https://www.businessinsider.com/ubs-discontinues-smartwealth-robo-advisor-pilot-program-2018-8

3 Representing a 13% discount over standard fees for our Core Portfolio and 27% over standard fees for our Smart and Select Portfolios.

4 https://www.roboadvisorpros.com/robo-advisors-with-most-aum-assets-under-management/

General Guidance Notes

  • To receive this offer please read the terms below and email support@tillerinvest.com requesting a promotional code.
  • The promotional annual management charge for a Core, Smart or Select Portfolio is 0.65%. Representing a 13% discount over standard fees for our Core Portfolio and 27% over standard fees for our Smart and Select Portfolios.
  • To open a Tiller account the eligible UBS SmartWealth clients must be residents of the United Kingdom, Channel Islands or the Isle of Man.
  • To open a Tiller account an applicant must be at least eighteen years old.
  • This offer is only available to UBS SmartWealth clients.
  • The discount on Tiller’s Annual Management Fee will be applied automatically where promotion codes are supplied.
  • An invitation to participate in the offer does not provide assurance that eligible UBS SmartWealth clients will be accepted as a customer of Tiller, as they continue to be subject to usual due diligence, suitability and anti-money laundering checks as part of the onboarding process.
  • The offer is valid until 31 October 2018 at 23:59.
  • Any Tiller accounts set-up after the 31 October 2018 will not be eligible for the offer.
  • This offer is not valid with any other promotions.
  • Tiller’s standard Terms & Conditions also apply and are not affected in any way by the offers.

How thematic investing works with Tiller

Background   The ability to add a thematic investment into your portfolio is a new concept in the UK online wealth management market. Whilst many wealth managers offer discretionary portfolios, not many offer the ability for the client to include ideas they are passionate about. At Tiller, we enable you to have more control over […]


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