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Nutmeg reveals plan to offer financial advice

Nutmeg reveals plan to offer financial advice

Online investment manager Nutmeg is set to move into providing financial advice to its growing customer base, with a search starting for the advisers to help provide the new service.

Speaking to FTAdviser, chief executive and founder Nick Hungerford said that this was the logical next step in the firm’s journey.

“We want to get to know our customers better and I have a vision of every client being as wealthy as they potentially can be, so we are trying to give them the option to make rational decisions about their finances every step of the way.

He added that customers have often asked for advice, but so far it is something the investment platform has been unable to provide.

To help do this, Nutmeg is looking for “resourceful and forward-thinking” advisers to join the team and help build the product.

“They will almost be like research agents. We are not following the old fashioned face-to-face model, although advisers will be available to meet customers if they wish,” explained Mr Hungerford.

This will mean no geographic constraints, with the firm building on its existing online functionality and digital expertise.

As for proposition and pricing details, research is underway with consumers, so Mr Hungerford admitted that he was not sure exactly where the priorities of the advice lie, with costs for the additional service set to follow the current Nutmeg criteria of simplicity and transparency.

“We’ve applied for our permissions from the FCA, but at the moment the priority is finding the right people. It doesn’t necessarily have to be lots of new recruits, just those with the right attitude.”

He continued that once initial advisers were onboard, then they would look to complete research and build the product, adding that while this should happen quicker than with other providers, there will be no compromises made.

peter.walker@ft.com