Adviser Home and robo-adviser Munnypot have teamed up to reach a new set of potential clients.
The communications and services platform for UK advisers, Adviser Home, has given it’s 23,000 members the chance to access Munnypot’s services, which provide automated investment advice.
This means advisers can expand their reach to clients who may not require a full face-to-face advice service.
John Enos, director of Adviser Home, said: “We are delighted to work with Munnypot on this hugely important issue. The advice gap is well documented and this is one way to address it.
"We are already in talks with some large advisers and we are also discussing with platforms and other providers.
"Having looked in detail at the need for wider access to investment advice, we are very pleased to work with Munnypot. The founders are very experienced advisers and the online process reflects this.
"Crucially, it offers existing advisers a clean regulatory hand off as Munnypot are responsible for advice given.”
The collaboration means once advisers refer a customer to Munnypot, the robo-adviser will then offer goal-based investment advice, risk assessment, a suitability letter, an auto select Isa, a general investment account or Jisa.
Munnypot also offers an ongoing review of a client's investment performance against their goals. It also takes on full regulatory risk for the advice it gives.
Simon Redgrove, managing director for Munnypot, said: “We have been developing Munnypot for three years so we know, first hand, the time and resources required to build a robust online investment advice proposition. We also know that for most firms, partnering is the best route.”
AJ Somal, a chartered financial planner at Birmingham-based Aurora Financial Planning, said: “This is an interesting development, and service to which IFAs can potentially offer their non core clients. It will be interesting to see the take up of this service.”
