RBS Goes to Robo-Advisors, Fires Hundreds; Real Advisor Requires £250,000

by Mike ‘Mish’ Shedlock
Mish Talk

The Royal Bank of Scotland fired 220 advisors and instead will use robots to answer customer’s investment questions. To talk to a real person you need £250,000. That’s about $362,000. RBS says this is what customers want.

RBS Fires 220 Advisors

Please consider RBS Cuts Hundreds of Jobs as FCA Approves ‘Robo-Advisers’.

Royal Bank of Scotland (RBS) has announced that it will be switching customer advice services over to automated ‘robo-advisers’ as it cuts 220 face-to-face positions.

The new online service will allow customers to log onto internet banking and receive free, tailored financial advice after answering a number of questions – expected to include ‘What are you saving for?’, ‘How much have you got to invest?’, and ‘How long do you want to invest your money for?’

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