Nutmeg is set to roll-out its new digital advice service from this autumn.
The online investment manager stated it is currently testing the proposition, but is 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.
A Nutmeg spokesman gave an update this week: “The roll-out is likely to be staggered, with the first phase coming out in autumn of 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 FTAdviser 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 a £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.
Simon Torry, a chartered financial planner with Essex-based SRC Wealth Management, said advisers should not be concerned about Nutmeg’s move into robo-advice.
He said: “I welcome anything that can help bridge the advice gap. There are too many people outthere who need help and not enough people to provide it.”
