Financial planner-backed start-up Advicefront has changed its pricing structure to accommodate smaller advice firms.
The company, which last year secured a £1.3m investment round led by technology provider FNZ, offers a range of online advice tools in a bid to help financial planners deal with bureaucracy, complexity and paperwork chores.
Advicefront has now changed its pricing structure in a bid to attract smaller firms.
The service previously cost £99 per adviser, which could then be shared with a paraplanner within the business for free.
But André Costa, chief technology officer and founder at Advicefront, said this structure was potentially unfair on smaller firms with one or two advisers, which found themselves paying £99 each.
Instead the pricing has now been changed to £49 per user, although this does not include a free use for paraplanners anymore.
Mr Costa said: "It will now be cheaper for smaller firms, and for bigger firms it will be easier to understand how much they will actually pay at the end."
Advicefront is also launching a tool to its service called Plan, which Mr Costa said would help advisers build suitability reports.
In June last year Advicefront raised £1.3m in funds, with FNZ taking a minority stake in the company for £1m.
The remaining £300,000 came from a number of angel investors, including Serenity Financial Planning's Tina Weeks, Josh Matthews, a partner at Maseco Private Wealth, and META Finance’s founder Ben Leonard.
Since then the company has also integrated with cash flow planning tool CashCalc, allowing planners to share client data across their CashCalc and Advicefront accounts and meaning they no longer have to re-enter information when using the new software.
rachel.mortimer@ft.com
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