New hybrid advice service launches in UK

29 November 2021

European digital wealth manager Moneyfarm has launched its wealth solution service in the UK.

The service is intended to help financial advisers, banks and building societies assist customers with smaller pots, engage the next generation and drive efficiency within the business.

Moneyfarm said the UK faces an advice crisis as advisers may choose not to service clients with less than £114,000 investable assets, deeming it uneconomical. However, advice firms may be missing out on a whole generation of clients by failing to service that segment of the market, the firm said.

Moneyfarm’s digital wealth management solution helps to provide low-cost advice and portfolio management, allowing advisers to acquire new customers with lower costs and risks. It provides a dashboard so that advisers or financial firms always have complete oversight and can switch their clients back to their full advice service at any point.

Daniel Giddings, head of business development UK at Moneyfarm, said: “The UK is facing an advice crisis and long-term detriment to those with smaller investable assets, more often than not the next generation of clients for an adviser. By enhancing their proposition, with the use of our digital solution, advisers, banks and building societies can still participate in the commercials and continue to serve those with smaller pots, but without losing control.

“Strategic asset allocation is key to the success of the solution and advisers have access to Moneyfarm’s range of multi-asset portfolios by default. Alternatively, we can work with them to map exclusively to their preferred investment solution. Whatever the outcome, you’re able to view everything from performance to charges on fully developed desktop and mobile dashboards.”

Professional Paraplanner