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Adviser Home and Munnypot team up to offer IFAs robo-advice




By Daniel Lanyon on 19th October 2017

https://goo.gl/YKs2UZ

Fintech partnerships are nothing new but are increasing in frequency in the nascent wealthtech space. 

 

 

Robo-advice firm Munnypot and Adviser Home have teamed up to offer intermediaries digital wealth portfolios.

 

Independent Financial Advisers (IFAs) are often touted as the prime target for disruption from low cost, automated investment platforms but increasingly partnerships between existing networks of advisers and digital wealth platforms are touted as a future model.

 

This serves two purposes. Firstly it lowers the cost of customer acquisition, often said to be the biggest challenge for upstarts. Secondly, it adds further legitimacy to the nascent digital wealth space which while beloved of millennials is still seen with some scepticism by older generations.

 

Adviser Home, a communications and services platform for UK advisers, has more than 23,000 members. Munnypot offers goal-based investment advice, risk assessment, suitability letter, an auto select ISA, general investment account and JISA, plus ongoing review of investment performance against goals. It takes on full regulatory risk for the advice it gives.

 

John Enos, Director of Adviser Home says the partnership is one way to address a hugely important issue: “The advice gap”.

 

“We are already in talks with some large advisers and we are also discussing with platforms and other providers. Having looked in detail at the need for wider access to investment advice, we are very pleased to work with Munnypot. The founders are very experienced advisers and the online process reflects this,” he said.

 

“Crucially, it offers existing advisers a clean regulatory hand off as Munnypot are responsible for advice given.”

 

Simon Redgrove, MD of Munnypot added “We see links with adviser practices as a hugely important route to market and we are delighted to work with Adviser Home. Their knowledge of the adviser market and access to their 23,000-strong adviser community will accelerate take up of our service,” he said.

 

“We have been developing Munnypot for three years so we know, first hand, the time and resources required to build a robust online investment advice proposition. We also know that for most firms, partnering is the best route,“ he added.

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