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Report Extract Original report with 163 pages Plus comprehensive data appendix Benchmarking – Ranking – Recommendations www.MyPrivateBanking.com November 2016 Francis Groves Senior Analyst LEADING ROBO-ADVISORS WORLDWIDE BENCHMARKING THE CURRENT ROBO-ADVISOR LANDSCAPE AND MAPPING THE ROAD AHEAD

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Page 1: LEADING ROBO-ADVISORS WORLDWIDE - … ROBO-ADVISORS WORLDWIDE BENCHMARKING THE CURRENT ROBO-ADVISOR LANDSCAPE AND MAPPING THE ROAD AHEAD ROBO-ADVISOR BENCHMARKING 2 ROBO-ADVISOR BENCHMARKING

Report Extract

Original report with 163 pages

Plus comprehensive data appendix

Benchmarking – Ranking – Recommendations

www.MyPrivateBanking.com

November 2016

Francis Groves

Senior Analyst

LEADING ROBO-ADVISORS

WORLDWIDE

BENCHMARKING THE CURRENT

ROBO-ADVISOR LANDSCAPE AND

MAPPING THE ROAD AHEAD

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ROBO-ADVISOR BENCHMARKING│ 2

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TABLE OF CONTENTS

1.0 EXECUTIVE SUMMARY 8

2.0 RANKING 11

3.0 METHODOLOGY 13

3.1 INTRODUCTION 13

3.2 SELECTION OF ROBO-ADVISORS 13

3.3 EVALUATION, STRUCTURE AND APPROACH 15

3.4 EVALUATION CRITERIA – WEBSITES 17

3.5 EVALUATION CRITERIA – SMARTPHONES 18

3.6 CLIENT CONTACT, SOCIAL MEDIA AND LOYALTY INITIATIVES 20

3.7 BEST PRACTICES 22

3.8 PROFILE CONTENTS AND STRUCTURE 22

4.0 SUMMARY OF FINDINGS 23

4.1 HEATMAP OF ROBO-ADVISOR PERFORMANCE 23

4.2 OVERALL PERFORMANCE 24

4.3 OVERALL WEBSITE PERFORMANCE 25

4.4 OVERALL MOBILE PERFORMANCE 32

4.5 OVERALL PERFORMANCE IN CONTACT, SOCIAL MEDIA, AND CLIENT LOYALTY 33

5.0 STRATEGIC ANALYSIS 38

5.1 THE CLIENT ONBOARDING JOURNEY 38

5.2 THE HEADLINE VIEW: HOW WELL ARE ROBOS PERFORMING? 40

5.3 STRATEGIC INSIGHT: THE SPECIFICS 44

6.0 CLIENT ASSESSMENT UNDER THE SPOTLIGHT 52

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7.0 STRATEGIC FORECASTS 56

7.1 ROBO-ADVISOR PROMOTION AND MARKETING 56

7.2 PROVIDER COMPARISONS 58

7.3 SUCCESSFUL ROBO-ADVISOR CLIENT JOURNEYS 58

7.4 REGULATION 59

7.5 THE ‘LIFE EXPECTANCY’ OF ROBO-ADVISORS 60

7.6 CONSULTATIONS WITH PROFESSIONALS 61

7.7 ROBO PLATFORMS OF EXISTING INSTITUTIONS ARE ON A DIVERGENT PATH 61

7.8 TECHNOLOGY DEPLOYMENT 62

7.9 DELIVERING DISTINCTIVE CLIENT EXPERIENCE 63

7.10 ROBO-ADVISORY ASIAN EXPANSION 63

7.11 AREAS OF GREATEST VULNERABILITY 64

8.0 RECOMMENDATIONS 66

9.0 BEST PRACTICES 67

9.1 CLIENT ASSESSMENT AND PORTFOLIO RECOMMENDATION 67

9.2 KNOWLEDGE CONTENT AND INVESTOR EDUCATION 69

9.3 OTHER 71

10.0 PROFILES 72

10.1 ALPHA ARCHITECTS (USA) 72

10.2 BETTERMENT (USA) 75

10.3 BMO SMARTFOLIO (CANADA) 78

10.4 CAPITAL ONE INVESTING MANAGED PORTFOLIOS (USA) 81

10.5 CONNECT INVEST - CSB (USA), OFFERED BY SIGFIG WEALTH MANAGEMENT 84

10.6 FIDELITY GO℠ (USA) 87

10.7 HONEST DOLLAR (USA) 90

10.8 INDEXA CAPITAL (SPAIN) 93

10.9 INVESTIFY (LUXEMBOURG) 96

10.10 KEYPRIVATE (BELGIUM) 99

10.11 MIZUHO SMART FOLIO (JAPAN) 102

10.12 MONEYFARM (ITALY) 105

10.13 NETWEALTH (UNITED KINGDOM) 108

10.14 NUTMEG (UNITED KINGDOM) 111

10.15 PRITLE (NETHERLANDS) 114

10.16 QUIETGROWTH (AUSTRALIA) 117

10.17 QUIRION (GERMANY) 120

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10.18 RBC INVESTOR GATEWAY™, POWERED BY FUTUREADVISOR (USA) 123

10.19 ROSECAP (USA) 126

10.20 SCALABLE CAPITAL (GERMANY) 129

10.21 SCHWAB INTELLIGENT PORTFOLIOS (USA) 132

10.22 SYGNIA (SOUTH AFRICA) 135

10.23 TRUEWEALTH (SWITZERLAND) 138

10.24 VAAMO (GERMANY) 141

10.25 VÉRIOS INVESTIMENTOS (BRAZIL) 144

10.26 VZ VERMÖGENSZENTRUM FINANZPORTAL (SWITZERLAND) 147

10.27 WEALTH HORIZON (UNITED KINGDOM) 148

10.28 WEALTHBAR (CANADA) 153

10.29 WEALTHFRONT (USA) 156

10.30 WESAVE (FRANCE) 159

AUTHORS 162

DISCLAIMER 163

To order the full report, please click here.

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TABLE OF CHARTS

Ranking of the 30 robo-advisors 12

Robo-advisor evaluation structure 15

Heat map of robo-advisor performance 23

Total number of achievable points 24

Performance: Locating the website 25

Performance: Fee & cost information 26

Performance: Product & process information 27

Performance: Client assessment survey 28

Performance: Client assessment recommendation 29

Performance: Knowledge content & methodology 30

Performance: User experience 31

Overall mobile performance 32

Performance: Mobile Functions 32

Overall performance in contact, social media, and client loyalty 33

Performance: Customer service & contact 34

Performance: Professional service & consultation 35

Performance: Social media platforms 36

Performance: Loyalty strategies & rewards schemes 37

The basic elements of the robo onboarding journey 38

Average scores across five key areas 40

Good product and process information rarely coincides with good knowledge content 42

XXX: a hub to be proud of 46

Variations of professional consultations 49

XXX Investment Strategy Simulation 53

XXX Risk Speedometer 54

XXX ‘Portfolio Review’ 56

XXX innovative client assessment survey 67

XXX Virtual Account 68

XXX monthly email for a suggested portfolio 69

XXX Financial Planning Tools 70

XXXapproach to target audience 71

Key facts Alpha Architects 73

Key facts Betterment 76

Key facts BMO Smartfolio 79

Key facts Capital One Investing Managed Portfolios 82

Key facts Connect Invest 85

Key facts Fidelity Go 88

Key facts Honest Dollar 91

Key facts Indexa Capital 94

Key facts Investify 97

Key facts Key Private 100

Key facts Mizuho Smart Folio 103

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Key facts MoneyFarm 106

Key facts Netwealth 109

Key facts Nutmeg 112

Key facts Pritle 115

Key facts QuietGrowth 118

Key facts Quirion 121

Key facts RBC Investor Gateway 124

Key facts Rosecap 127

Key facts Scalable Capital 128

Key facts Schwab Intelligent Portfolios 133

Key facts Sygnia 136

Key facts TrueWealth 139

Key facts Vaamo 142

Key facts Vérios Investimentos 145

Key facts VZ Finanzportal 148

Key facts Wealth Horizon 151

Key facts WealthBar 154

Key facts Wealthfront 157

Key facts WeSave 160

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SUMMARY

ROBO-ADVISOR BENCHMARKING │ 8

1.0 SUMMARY

“The robo-advisory model is at a

tipping point with all current

players needing further

development if the robo concept

is to prove long-lasting. Without

further refinement on the part

of individual robo-advisors

themselves, a substantial

portion of current providers will

have difficulties succeeding in

the long-term. “

This is one of the main findings of our report,

where we analyzed and ranked 30 leading robo-

advisors worldwide, which were purposely

selected to achieve a balance in the following

ways: global coverage, provision for different

investor market segments, pure as opposed to

hybrid robos, and standalone platforms and those

provided by large institutions or third party

specialists.

The global benchmarking of robo-advisor platforms

is carried out under the following headline topics:

user-friendliness, the quality of the content;

contact and interactivity, social media integration

and as well mobile accessibility and availability. The

report identifies plenty of examples of good

practice at the level of these individual areas.

However, no providers are yet coming close to

offering an end-to-end consistent level of

excellence. We see that most robo-advisors are

good at some features, but at the same time

missing out completely on other important ones.

While this was tolerated by clients at the start of

the robo-advisor breakthrough, they now demand

a top-performance throughout the full process,

from comprehensively explaining the services to

superior portfolio reporting.

SCHWAB INTELLIGENT PORTFOLIOS, INDEXA

CAPITAL AND NUTMEG ARE TOP RANKED

ROBO-ADVISORS

MyPrivateBanking’s ranking of 30 robo-advisors

from 15 countries awarded the highest scores to

these three platforms:

Schwab Intelligent Portfolios (USA) – exhibiting great strengths in the key areas of product and process information and client assessment plus user experience (43 points out of 60).

Indexa Capital (Spain) – a good ‘all-rounder’ with a solid performance in all areas (42 points).

Nutmeg (UK) – Another example of excellent product and process information coupled with being one of the top three providers of investment knowledge and education (42 points).

The report offers the full ranking of the 30 robo

advisors incl. a data appendix detailing the findings

for each criteria. The results are further illustrated

by featuring core elements of the digital presences

of the best ranked robo-advisors.

MOST ROBO-ADVISORS FAIL TO OFFER A

USER FRIENDLY PERFORMANCE ACROSS

THE FULL PROCESS AND ALL CHANNELS

However, with more than a third of the evaluated

firms achieving less than half of the possible

points, and the highest scoring robo-advisor

scoring slightly less than 75% of the maximum

available points, MyPrivateBanking sees

considerable room for improvement and the

report details where the problems are and how

these can be fixed.

The report’s evaluation covered 39 different

criteria and assessed the performance overall

including for the robo-advisors’ websites, mobile

apps and social media channels. The key research

findings are troubling such as that none of the

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SUMMARY

ROBO-ADVISOR BENCHMARKING │ 9

platforms evaluated have yet developed the robo-

advisory model of client recruitment to its full

potential are detailed in the report.

In respect to robo-advisors offered by well-

established institutions the report sees the need

for leading institutions to be more radical and

wholehearted in their automated investment

initiatives in the next few years, even if this means

starting over again with a second robo-advisor to

replace their first. Our analysis lays-out the reason

for this reluctant adoption of technology by

traditional firms, benchmarks their offerings and

offers them learning points they can take from the

platforms offered by new, stand-alone robo-

advisors.

In addition to our overall diagnosis of the state of

health of the robo-advisor model and providing

individual profiles (with analysis and

recommendations) for the 30 platforms evaluated,

this report includes a detailed summary of all of

our findings and a detailed strategic analysis of the

current level of robo-advisor development. This

not only gives our overview of how robo-advising is

developing but also interprets the different

components of the robo client experience and

suggests underlying reasons for the current

standard of performance.

ONLY ROBO-ADVISORS CONSTANTLY

PUSHING AHEAD FOR SUPERIOR CLIENT

EXPERIENCE WILL SURVIVE

Our analysis shows that the pioneer years of robo-

advisors have come to the end and the market will

separate the wheat from the chaff. Too many

automated investment services target the same,

growing - but still not sufficient - client segment to

nurture all or most of them. Still, we also see that

the disruption capabilities of robo-advisors are

here to stay and the appeal to clients will grow for

good reasons.

The report offers a number of detailed forecasts

for the robo-advisory sphere over the next few

years covering topics such as regulation, the

introduction of consultations with (financially)

qualified professionals, the role of financial

planning functionality, and technology and

innovation. It additionally provides our views on

the major external threats facing robo-advisors

currently.

Based on our in-depth benchmarking and a

detailed strategic analysis of status and future of

the robo-advisors development, this report

concludes a series of recommendations for robo-

advisors – stand-alone as well as those who are

part of an established financial services – to ensure

they will be on the winning side in the future.

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RANKING

ROBO-ADVISOR BENCHMARKING │ 10

2.0 RANKING

RANK ROBO-ADVISOR TOTAL POINTS

(MAX: 60)

1 Schwab Intelligent Portfolios (USA) …

2 Nutmeg (UK) …

2 Indexa Capital (Spain) …

4 … 41

4 … 41

4 … 41

4 … 41

4 … 41

9 … 39

9 … 39

11 … 37

12 … 36

12 … 36

12 … 36

12 … 36

16 … 35

17 … 32

17 … 32

19 … 31

20 … 29

20 … 29

20 … 29

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RANKING

ROBO-ADVISOR BENCHMARKING │ 11

RANK ROBO-ADVISOR TOTAL POINTS

(MAX: 60)

23 … 28

24 … 26

24 … 26

24 … 26

27 … 25

28 … 24

29 … 21

30 … 20

Ranking of the 30 robo-advisors

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METHODOLOGY

ROBO-ADVISOR BENCHMARKING │ 12

3.0 METHODOLOGY

3.1 INTRODUCTION

Although this is MyPrivateBanking’s first robo-

advisor benchmarking report, we have now

published several reports, starting in 2014, looking

at different aspects of the robo-advisor

phenomenon. In particular, in our Robo-Advisor

3.0 report, published in June 2016,

MyPrivateBanking shone a bright light on robo-

advisors as, primarily, tools for effectively

onboarding new clients. That insight forms the

foundation of our approach in the current report

(…).

3.2 SELECTION OF ROBO-ADVISORS

Using MyPrivateBanking’s customary approach to

benchmarking in areas such as website design and

mobile delivery, a small team of our researchers

have refined a set of evaluation criteria for robo-

advisor platforms that is relevant both globally and

across the current spectrum of robo-advisors.

In making our selection of robo-advisors,

MyPrivateBanking aimed to reflect the following

factors:

Global coverage – we wanted to include as many countries as possible while still doing justice to those jurisdictions where the robo-advisor is most developed. As a result, we have given special prominence to robo-advisors from the U.S., the birthplace of robo-advisory, but we have also included more than one robo-advisor from Canada, Germany, Switzerland and the UK. At the same time however, we have been keen to cover countries such as Brazil, Japan, South Africa and Spain, where robo-advisors are much less well established.

A balance of pure and hybrid robo-advisors – a key priority in deciding the scope of this report was to cover both pure robo-advisors and hybrid services, where the client journey includes automated elements and personal

contact with qualified advisory staff as part of the process. To fulfil this aim, our analysts deliberately chose 10 hybrid robo-advisors for inclusion in the evaluation.

A balance in terms of ownership – the proportions of robo-advisors that are start-ups and those launched by existing players in the financial industry are 16 of the former to 14 of the latter. However, it should be remembered that where there is a parent company, it is by no means always an industry giant or a household name.

A balance of robo-advisors by age – the report includes robo-advisor pioneers such as Wealthfront and Betterment, plus early disciples such as MoneyFarm and Nutmeg as well as recent (and sometimes very recent) arrivals like Indexa Capital, WeSave and Fidelity Go.

A balance of target market segments – our selection of platforms for evaluation includes a broad spectrum of platforms in terms of market segment that they seek to serve, ranging from new millennial investors beginning with very small accounts to highly paid professionals and HNWIs served by platforms with $100K minimum investment levels.

The role of 3rd party providers – in the following cases our choice of robo-advisor was heavily influenced by the role played by a 3rd party in creating the platform: (…)

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METHODOLOGY

ROBO-ADVISOR BENCHMARKING │ 13

Evaluation Methodology

Website Client Contact,

Social Media,

&Loyalty

Initiatives

Mobile

Deployment

Mobile operating

systems OR mobile

responsive design

Mobile Functionality

onboarding

portfolio reporting

fund transfer

individualized

messaging

Locating website

Product/service information

How the platform works

Fees & Costs

Client Assessment

Client Recommendation

Knowledge Content

Investment Methodology

User Experience

Cutting edge digital deployment

Customer service &

client contact

Methods of

contact

Opening hours

Outbound

contact

Professional service

Social media

Number of

platforms

Up-to-date

information

Evidence of

exceptional/excellent

achievement in areas

such as marketing and

promotion, design,

etc.

Best Practices

3.3 EVALUATION, STRUCTURE AND

APPROACH

The underlying structure of our evaluation

comprises three parts (total points 60):

The website – this is the core of our evaluation of the client onboarding journeys provided by different robo-advisor platforms where our analysts aimed to place themselves in the shoes of a laptop, desktop or tablet first time visitor (maximum points available 41).

Mobile (primarily smartphone) service—separating out the level of service for smartphone users is by no means intended to imply that MyPrivateBanking doesn’t expect

investors to onboard using their smartphones or other mobile device.

Contact, social media and client loyalty initiatives—these are the important supporting components of a robo-advisor service that may come into play at varying points in the onboarding process (maximum points available 11).

Best practices—features of outstanding excellence or originality (maximum points available 2).

The remainder of this chapter details the approach used in applying each of the criteria

(More in full report pages 13-22)

Robo-advisor evaluation structure

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SUMMARY OF FINDINGS

ROBO-ADVISOR BENCHMARKING │ 14

4.0 SUMMARY OF FINDINGS

In this chapter the overall performance of the

surveyed robo-advisors is detailed and the

following sections go deeper into each of these

three main categories in order to highlight areas

where robo-advisors are doing things right and

those areas where they are falling short.

The following heat map shows the performance of

30 of robo-advisors relative to their peers. The

green indicates areas where advisors performed

especially well while the yellow indicates average

performance and red reveals areas which need

immediate improvement.

(More in full report pages 23-37)

5.0 STRATEGIC ANALYSIS

This section of MyPrivateBanking’s benchmarking

study of robo-advisors report analyzes our

research findings with a view to identifying clear

patterns that shed a light on the development of

the robo-advisor sector and illustrate the major

strengths and weaknesses of automated

investment advice models. We begin with a brief

summary of MyPrivateBanking’s basic

interpretative approach and then move on to

asking what helpful (new) big picture insights and

categorizations of robo-advisors our recent

research makes possible. The latter part of this

chapter will look at the conclusions our analysts

draw from the detailed evaluation findings. In

Chapter 7 we move on to our forecasts of the

robo-advisory trajectory in the next few years.

(More in full report pages 38-51)

6.0 CLIENT ASSESSMENT

UNDER THE SPOTLIGHT

Risk profiling is a much-discussed topic when it

comes to robo-advising. Given that the risk

assessment survey is central to the robo-advising

model, and the fact that we believe that regulators

will be giving it increasing scrutiny in the near

future, we want to take the opportunity to dive

into a bit more detail about trends relating to

client assessment questionnaires we came across

during out analysis.

(More in full report pages 52-55)

7.0 STRATEGIC FORECASTS

Having detailed MyPrivateBanking’s main findings

and, in the previous two chapters, given our

interpretation of the most significant features of

robo-advisory platforms, we now present our key

expectations of automated investment advice in

the near and medium term future.

(More in full report pages 56 to 65)

8.0 RECOMMENDATIONS

(More in full report)

9.0 BEST PRACTICES

(More in full report)

10.0 PROFILES

(More in full report pages 72 to 162)

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AUTHORS

ROBO-ADVISOR BENCHMARKING │ 15

AUTHORS

Francis Groves, Senior Analyst, is a team lead for the research on vendors,

mobile apps and online services. His specific research interest is communication

and understanding in relation to finance topics and investor motivation. He has

over 30 years of experience in the field of online business information, having

worked for Reuters, the Financial Times and LexisNexis. Francis speaks at

conferences and events and has published several books and articles. Among

them 'Corporate Actions, A Concise Guide' and 'Exchange Traded Funds, A

Concise Guide to ETFs'. Francis has a degree in History, which he studied at the

London School of Economics.

Onawa Promise Lacewell, Research Associate, has a research focus on the

impact of disruptive technologies on the financial services sector as well as on

consumer behavior and global regulation. A particular focus in her work is the

rise of automated investments services and breakthrough technologies such

as augmented reality. Previously she worked as a Senior Researcher for the

WZB Berlin Social Science Center. She holds a PhD in Political Science with

specializations in comparative politics and quantitative research methods and a Bachelor’s degree in Political

Science with a secondary focus in English.

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DISCLAIMER

ROBO-ADVISOR BENCHMARKING │ 16

DISCLAIMER

IMPORTANT NOTICE AND DISCLAIMERS:

NO INVESTMENT ADVICE

This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where

such an offer or solicitation would be illegal. This report is distributed for informational purposes only and

should not be construed as investment advice or a recommendation to sell or buy any security or other

investment, or undertake any investment strategy. It does not constitute a general or personal

recommendation or take into account the particular investment objectives, financial situations, or needs of

individual investors. The price and value of securities referred to in this report will fluctuate. Past

performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the

original capital invested in a security discussed in this report may occur. Certain transactions, including those

involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all

investors.

DISCLAIMERS

There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from

any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for

any loss or injury resulting directly or indirectly from the use of the information contained in this report,

caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in

this report.

COPYRIGHT

MyPrivateBanking GmbH’s Products are the property of MyPrivateBanking GmbH, Switzerland, and are

protected by Swiss and international copyright law and other intellectual property laws. Customers are

prohibited to copy, forward or store MyPrivateBanking Products outside of the legal entity that has made the

purchase.

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Tel. +41 71 566 10 05

For our latest reports please check: http://www.myprivatebanking.com/Category/reports