A job advertisement on Fidelity’s website has confirmed it is looking for a programme manager to lead “an exciting new business development” for the firm in the UK.
The advert stated that customers want more help with managing their money, while professional advisers are increasingly looking to outsource portfolio management to specialists.
“Fidelity is therefore committed to developing a new range of solutions that support this demand and is looking to build out a new portfolio management service, which allows individuals and intermediaries to design client specific investment portfolios.”
It noted that this will be a full service offering, covering digital and personal channels. “This is being commonly referred to in the market as ‘robo-advice’; however we believe there is an opportunity to develop a model which creates the next generation of portfolio management services,” read the advert, adding “your role will be to manage the plans to make this happen”.
Fidelity’s step into the robo-advice arena comes after last week EQ Investors launched a new online and telephone-based regulated investment advice service. The boutique wealth manager, led by Bestinvest founder John Spiers, stated it is designed for private investors seeking portfolio management at affordable rates.
At the start of May, LV launched a regulated online advice service for the retirement income market, in conjunction with online adviser Wealth Wizards.
This followed Just Retirement’s launch of a ‘simplified’ advice service in April, which it said is designed to help retirees with medium-sized pension funds navigate the pension freedoms.
As previously reported, the US market has also exploded this year, with the entry of big players like Charles Schwab and Vanguard, along with BlackRock striking a deal for FutureAdvisor.