Professional Adviser – Santander steps up chase for robo-advice customers with TV campaign

The bank’s Digital Investment Adviser, which launched at the end of September, offers investors access to “personalised reports” with a minimum investment of £20, as explained in the TV advert embedded below.

Santander said online phone support would be available to customers for technical issues or servicing questions but the bank’s Digital Investment Adviser would not allow clients to receive advice over the phone, distancing itself from so-called “hybrid” or “bionic” robo-advisers.

If customers wish to receive advice via a human being, then, they will have to have at least £20,000 to invest with the bank to use its full financial planning service.

Advisers reacted to the Natwest news by telling PA they relished the challenge of the banks’ return or dismissed it as a threat. “It’s good the banks are helping these clients,” IFS Wealth & Pensions director and IFA Ricky Chan said of NatWest’s robo launch at the time.

“I just hope that, for more complicated clients, they have a process in place to help them seek independent financial advice. Generally advisers are moving towards servicing clients with much higher portfolio values and that does mean the lower end of the market can miss out.”