British fintech start-up Munnypot has prelaunched its robo-advice and investment service ahead of a mass market roll out in the autumn.
The service, backed by SEI Wealth Management, is aimed at first time investors. The company will use an online questionnaire to determine investor’s investment attitudes and then help them determine right investment options.
The minimum investment into Munnypot is £250. Munnypot said typically there will be a flat fee of 0.4% for advice and a separate 0.4% flat fee for the managing of the investment. There would also be a fund/platform fee of 0.35%.
The company claims that its service will work the same for a £1,000 investment as it does for a £1m investment.
Munnypot co-founder Simon Redgrove said: "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."