The robo advice market, which was initially dominated by start-ups, has seen over the past 12 months the entry of established institutions such as Standard Life, HSBC, Fidelity and Goldman Sachs, all of whom have either launched their own robo advice service or invested in one.

Robo advice typically involves digitising client engagement and the use of algorithms to identify suitable portfolios for investors. It was originally designed to offer investors, who might not otherwise have been able to afford financial advice, investment guidance at a lower cost to that offered by banks, independent financial advisors or retail fund pla...