Robo advisers hit 20% market share for the first time in the UK
24 May, 2023
New data from investment research and online publisher Boring Money shows that robo advisers now have a 20% share of all DIY customers in the UK, for the first time ever.
There are over 9.8 million DIY investor accounts in the UK as at Q1 2023.
Over 2 million of these accounts are held with a robo adviser – that’s a 21% market share by customer accounts.
These account for 4.2% of all DIY assets in £ terms.
The DIY investment market has nearly recovered to levels seen at the end of Q1 in 2022. Total assets under administration were £359.1bn as at Q1 2023.
Boring Money CEO Holly Mackay comments, “It’s interesting to see robo adviser market share levels rise above 20% in terms of customers. There is almost an even split from a gender lens, and on average, robo customers are 12 years younger than traditional platform customers”.
“Although the average platform’s account size is 7 times larger than a robo adviser’s average balance, they now hold a meaningful market share in terms of tomorrow’s customers and are growing at the fastest pace of any provider type in the market”.
Source: As at Q1 2023
Market share by non-advised customer account numbers.
