The service could launch as soon as the end of the year.
Newly emerged financial advice giants Bellpenny and Ascot Lloyd are joining the robo-advice revolution.
The company is in talks with two digital wealth management providers to offer an automated investment service to their clients, FTAdviser reported.
Nigel Stockton, CEO of the merged companies, told the paper that the service could be live as soon as the end the year.
The financial advisers merged last week, creating a £6bn funds under management firm with over 40,000 clients. Investment management firm Oaktree Capital Management owns both companies.
This isn’t the first time the company has looked into robo-advice. Bellpenny had previously announced that it would launch a robo-advice offering in the second quarter of last year.
While the service will be for everyone, the company will target high wealth investors, Stockton told the newspaper.
“Will we provide a service to everyone? Yes we will because we have to. Are we going to be the first choice for those with less than £50,000 to invest? No, I doubt it. But robo-advice and telephony is how to reach those clients in the most cost-effective way.”
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