"I think the point of difference was supposed to be Ms Godfrey, who is well known and a terrific communicator, but it wasn’t enough. There were quite a few firms with the same sort of offer in the market.”
Simon Bussy, consultant at Altus said: "The reality is that Moola is one of the robo-advice firms that has been left behind by changes in the market. The first generation of robo-advice firms came to the market by asking clients a few questions to understand their risk profile, and then putting them into products that match the risk profile.
"But new firms have come to market that offer a broader range of personalised advice, where it is not just about the product, and they are offering that for the same sort of price that companies such as Moola were charging for a more basic service."
He added that may firms which had been doing what Moola was doing have moved towards being a B2B provider, and that was something Moola never did.
david.thorpe@ft.com
