Alan Cheetham, owner of Bolton-based Alan Cheetham Asset Management, and Philip Dodd, managing director of the new site, Money Guidance, have structured the website as a community interest company, where profits and assets are used for the benefit of UK financial consumers.
According to Mr Dodd, the Money Guidance site aims to boost consumer confidence in the financial services sector, while extending the risk assessment and cashflow planning tools to a wider audience.
There are now two elements to this website. It still offers the free element, which provides various tools and links to sites such as SCM Private’s True and Fair cost calculator, the government-backed Money Advice Service and Age Concern.
Now, for a flat fee of £50 a year, it will also provide premium content, which will give consumers services such as unlimited transactional capability, using Royal London’s Investment Funds Direct service, which accommodates lump sum or regular contributions into a range of wrappers, such as Isas.
It will also provide analysis, news and research, as well as fortnightly updates on legislative and industry developments.
Mr Dodd said there were more developments in the pipeline, including the introduction of web-based advice from chartered financial planners, for an estimated £60 hourly fee rate.