Robo-advice service launched for sub-£50k clients

Robo-advice service launched for sub-£50k clients

Advice firm Kymin Financial Services has launched an automated online investment service for clients with less than £50,000 to invest.

Targeted at Isa and general investment account savings, the service does not involve clients interacting face-to-face with the team of advisers unless they request it.

The service, called Kymin Direct, has been launched through Intelliflo’s Intelligent Office Personal Finance Portal.

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Robin Hall, managing director of Newport-based advice firm, said: “The government’s Financial Advice Market Review last year highlighted the gap in easy-access investment routes for people with relatively modest sums of money to invest.

“We wanted to do something to address this and Intelliflo’s Automated Advice offers the perfect solution.”

People using the service will be guided through an online process to determine their risk appetite and then offered an appropriate investment portfolio supplied by SEI Asset Management.

The risk profiling tools have been developed in partnership with Oxford Risk.

Nick Eatock, Intelliflo’s executive chairman, said: “I’m delighted that Kymin has chosen Intelliflo’s system to run their direct offering.

“The service has been designed to open up access to the much-discussed robo-advice market in a way that puts – and keeps - advisers at the centre of the process.”

Investments made via Kymin Direct will be available for selected Kymin advisers to view, so they can monitor activity.

All investments and selections made will have a complete and comprehensive audit trail and Kymin has implemented an online limit of £50,000.

Anyone trying to invest more than this amount at any one go will trigger an automatic alert to the Kymin team, allowing them to make direct contact to ensure clients are making wise decisions based on their financial situations.

Robin Hall comments: “We believe this service will complement our existing offering by delivering instant investment options without the need for face-to-face advice yet with the comfort of knowing that fully qualified advisers are just a click away should they be required.”