Nutmeg launches 'wealth consultancy' service

Nutmeg launches 'wealth consultancy' service

Digital wealth manager Nutmeg has created a team called Wealth Consultants to help clients with more complex needs but who do not need advice.

The new team does not give regulated advice but runs alongside the advice team, which has also been expanded recently and has started giving advice via video call on top of its telephone-based service.

The guidance team is headed by Laura Kingman who joined Nutmeg as director of wealth services last year after spending seven years with Fidelity.

There are now five people in the team, with Nutmeg currently recruiting for an extra person.

The Wealth Consultants service was launched to help more people engage with financial guidance and advice, following a rise in demand during the pandemic.

It offers clients help with more complex queries and allows them to speak to an adviser without having to go through a full fact find, whereas Nutmeg’s advice team, which has six advisers and a paraplanner, gives restricted regulated advice.

Back in June, JPMorgan Chase announced it would acquire Nutmeg for an undisclosed amount, subject to regulatory approval.

It said Nutmeg would remain a standalone business but ‘complement’ the company's new digital bank, which is planned to launch in the UK later this year under the brand of its US retail offering JPMorgan Chase. 

Nutmeg has £3.5bn in assets but has yet to make a profit since its inception. Its most recent accounts showed the firm made a loss of £21.2m — an increase on the £18.4m loss reported for 2018.

In April the firm said it had seen revenue growth of 66 per cent as it ‘moves closer to profitability’, but did not provide updated bottom line figures.

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