Robo-advice service Munnypot has soft-launched today (21 December) with the backing of several industry partners.
Munnypot is a service that claims to offer straightforward financial advice at a fraction of the cost of a financial adviser or wealth manager.
It provides a ‘chat-based’ user-interface that guides people in their savings and investment decisions, using straightforward language and a conversational style.
The company previously announced a partnership with SEI and has today (21 December) announced it will be working with Virtual Affairs, a frontend solution provider, Ortec Finance, which specialists in goal-based financial planning, and Five Degrees, a customer relationship management company.
Simon Redgrove, co-founder of Munnypot, said: “The company we’re keeping says a lot about the huge ambition of Munnypot – we’re planning on shaking up the market and have partnered with some state-of-the-art organisations to help us do that.
“The initial response we’ve had from consumers has been overwhelmingly positive and we’re looking forward to quickly building our customer base in 2017.”
Munnypot said it will be ramping up its marketing activity early next year.
Mr Redgrove and his co-founder Andrew Fay were involved in founding Cavanagh Group and were respectively managing director and chief executive when it was bought by Close Brothers in 2011.
Munnypot will provide restricted advice on the best way a person should invest their money through one of five tracker products keeping its clients informed on performance and advising them on possible decisions if things change.
The service has a minimum investment of £25 per month or a £250 single investment amount. There will be a platform fee of 0.11 per cent and an ongoing monitoring fee fixed on a tiered basis.
Ton Kentgens, global business development at Ortec Finance, said: “Ortec Finance works at the forefront of online financial advice.
“We develop advanced solutions for individual investors that so far are only available to the institutional market.
“Consumers are looking for financial advice that fits the context of their lives. We support initiatives to interact with customers using modern technologies, allowing them to achieve their goals by making the right investment decisions.”