Adviser to launch flexi advice service for younger generation

“We’re not teaching people how to manage their money in the right way,” said Wardle. With the majority of advisers not open for business with clients who have less than £50,000 in assets, Wardle said “that would exclude most of my friends”.

“Often with innovative solutions we don’t realise we needed it until it exists and I genuinely believe that this is the same with financial planning,” Wardle explained.

“We have to help create the demand for this and be able and prepared to explain the tangible benefits of what we do.

“It doesn’t mean I am suggesting that advisers try to build their own fintech businesses, but we need to investigate tech solutions as robustly as we are expected to build our central investment propositions.

A two-way approach

In her current business, the initial end-to-end advice process - before any ongoing services are added - usually takes 10-12 hours simply because of data gathering. Through Money Means, Wardle is determined to get this down to just three or four hours.

The business model will be split into two services, paid for monthly. One will be fully automated and based on an individual's goals. The second will be a “digital human hybrid service” with a one-off advice fee rolled in. 

“Young people love subscriptions,” said Wardle. “It’s convenience which matters for people. And they will want to flit between different services.”

Clients will also be able to switch between Money Means’ two subscription services. Wardle anticipates the robo service being more profitable than the hybrid advice service as the business scales. The idea being that clients will use the robo service for ongoing maintenance, and pay for the hybrid service as and when they need advice.

To begin with, Money Means does not intend to offer a platform, meaning clients can choose a platform of their choice to invest their assets. The firm will therefore make recommendations to help guide clients, but Wardle likes the idea of not being tied to certain products. 

“There’s no conflict of interest,” she explained. “And platforms are just administrators at the end of the day. Services like Moneybox are easy to use, so we may as well tell them to use it.”

Wardle is actively looking for investment. While she said she was offered investment on day one of pitching, she is conscious of finding the right investment fit. She’s also still looking for angel investments.