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. It was last year that LV took a majority stake in Wealth Wizards, increasing its capital to allow the development of its white-label algorithm based platform. 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 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.