The firm is looking to offer clients of UBS Smart Wealth a discount for life.

Tiller, the online wealth manager, is offering clients of UBS Smart Wealth, the online robo-advice service that will close imminently, a discount for life. The company is offering an average 20 per cent discount to all clients opting out of UBS Smart Wealth to transfer their assets to Tiller.

The offer starts today and is available until 31 October. This publication reported on the news that UBS is selling Smart Wealth to US digital wealth manager SigFig, after its review found that the offering’s commercial potential was “limited”.

Tiller offers investors a choice of passive only or active and passive portfolios. The firm launched in July, and is designed for private investors and institutional partners (private banks, wealth managers and financial advisors).

“The news that UBS Smart Wealth is shutting down its robo-advice service came as a surprise to us. All the evidence suggests that the robo-advice market will continue to grow,” said Ian Cadby, chief executive and co-founder of Tiller. “In the last year, robo-advisers in the UK grew their assets by 80 per cent. Meanwhile, in the US, two early robo-advisers now manage over $24 billion between them. Financial institutions are reaching out to firms like us, to explore building their own robo-advice proposition. We are hugely optimistic about the growth prospects. There is no doubt that there is an ‘advice-gap’ - people who have saved thousands of pounds still don’t have enough money to access investment advice. Tiller exists to solve this problem. We offer both passive and active fund options, as well as thematic investing, we believe we are an ideal choice for the UBS investors seeking both choice and personalisation.”

This latest offering comes after this publication reported yesterday that the sale of UBS Smart Wealth raises questions about whether the drive to automate parts of this industry has hit a serious roadblock.