The robo-advice sector is unlikely to expand until "incumbent" companies adopt the technology, according to Giovanni Dapra , managing director of IRN Consultants . Pete Connell , chief executive of IRN Consultants said that although it was likely bigger companies would move into the sector, he hoped there would start-ups would get " three or five years of opportunity" to make their mark. However, according to data from IRN Consultants , robo-advisers would need to work with a client for three or five years before turning a profit.
The robo-advice sector is unlikely to expand until "incumbent" companies adopt the technology, according to Pete Connell, managing director of Wealth Wizards. Giovanni Dapra, chief executive of MoneyFarm said that although it was likely bigger companies would move into the sector, he hoped there would start-ups would get "three or five years of opportunity" to make their mark. However, according to data from IRN Consultants, robo-advisers would need to work with a client for almost 10 years before turning a profit.