Old Mutual Wealth is piloting an online simplified advice service, developed in conjunction with advisers.
According to a spokesman for the firm, a small group of businesses have agreed to take part in testing of the white-label service, which is designed to support advisers that want to offer a digital investment advice process to some of their clients.
Advisers using the technology will continue to own the advice relationship and must set an appropriate advice fee, disclosed to the customer as part of the advice process.
Old Mutual Wealth’s customer director Carlton Hood explained that helping advisers reach new customers through digital channel is an obvious place for to explore as it seeks to extend the footprint of financial advice.
“We will continue to develop the proposition along with a small number of advisers with a view to making the service more widely available in 2016, subject to demand.”
Various other providers have tested the water of simplified advice in the last 12 months, with Parmenion claiming to be the first when it launched a fully online service is tied into its discretionary model portfolios last June.
At the end of the year, advisory firm Chapters Financial detailed plans for a mass market simplified advice service, targeting 15,000 clients by the end of 2015, with an offering that starts at £299 for a full financial review.
Then in April this year, enhanced annuities specialist Just Retirement developed something designed to help retirees with medium-sized pension funds navigate new at-retirement reforms, followed by LV’s more ‘robo’ service coming online in May.
peter.walker@ft.com
