Nutmeg advice to launch in the autumn

Nutmeg is set to roll out its new advice service this autumn.

The online investment manager stated it was currently testing the proposition, but was yet to decide on an exact launch date.

In April, founder Nick Hungerford said his company would offer the “best advice that’s ever been seen” and said the service would be proactive rather than reactive.

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A Nutmeg spokesman gave an update this week, saying: “The roll-out is likely to be staggered, with the first phase coming out in autumn 2016.

“We are in the process of building our automated advice and are testing ideas and hypotheses with some customers.”

The company was given approval to offer regulated financial advice by the Financial Conduct Authority in March.

The firm first announced its intention to provide financial advice last August, with Mr Hungerford telling Financial Adviser it was the logical “next step” in the firm’s journey.

Founded in 2011, by October 2015 Nutmeg reported a £5.28m loss for 2014, up from the £3.6m loss reported for 2013.

Nutmeg’s current direct-to-consumer service allows people to open an Isa with £500, plus £100-a-month contributions for portfolios of less than £5,000.

Savers pay an annual management fee of between 0.3 per cent and 0.95 per cent including VAT, depending on the size of their investment.