“Our proposition will offer a cost-effective solution to all ages who do not mind not receiving face-to-face advice,” according to Mr Morrow, who will be chief executive of the business.
The eVestor service will launch next year with seven passive model portfolios, investing in trackers or ETFs with a charge of 0.44 per cent. Portfolio managers will receive 0.35 per cent, with the remaining 0.09 per cent as a fund charge.
Mr Cameron said: “The proposition has the potential to revolutionise investment advice for the benefit of UK consumers.”
A survey of 70 wealth managers last month by Vanguard found that most believed that offering digital services would enable greater access to the Millennial generation.
Anthony Morrow announced he was standing down from The Paradigm Group in September to “pursue other interests”.
Set up in 2007, the Cheshire-based firm provides a range of services to more than 400 firms, from regulatory support and DFMs to workplace solutions for auto-enrolment.