A new robo-advice service for the mass market has just pre-launched and will be available to the public in the autumn.
Munnypot says its aiming its affordable financial advice service at those “…trapped in UK’s financial advice gap.”
The Fintech company says that “…anyone can use it to get straightforward financial advice in a language they can understand, at a fraction of the cost of a financial adviser or wealth manager.”
Munnypot reckons that the financial advice gap affects around 16 million people in the UK.
Financial services entrepreneurs Simon Redgrave and Andrew Fay co-founded Munnypot.
Redgrove said: “The UK’s current system of financial advice is profoundly unfair and must change. Millions are bamboozled by the variety and complexity of financial products on the market. The financial service industry profits from this, charging sky-high fees for advice, whilst often failing to outperform the market. We’re on a mission to make financial advice affordable and accessible to all, so that their money works harder for them. The Munnypot product is like nothing else on the market – we can’t wait to hand it over to UK consumers.”
Fay added: “The first generation of robo-advice services were, frankly, too robotic and failed to actually give people advice. Munnypot is aiming to change that by creating a more natural, intuitive experience that delivers actionable advice, rather than vague recommendations.”
Munnypot backers include the SEI Wealth Platform, an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs.
Managing Director of SEI Wealth Platform (UK Private Banking) Brett Williams said: “As a consequence of the RDR, we have seen an increase in demand for automated advice solutions to help those customers who are no longer being served by advisers, or for those that want to self-serve with some help and guidance. We are delighted to be partnering with Munnypot, which we believe will be a disruptive brand in the UK market and think the company’s user experience, mobile-first design and simplicity will greatly appeal to a broad range of consumers, not just the tech savvy mass affluent millennials. The innovative ongoing alert and messaging framework is extremely powerful and gives customers the chance to be regularly updated on their financial matters.”