By Oliver Smith on Monday 1 July 2019
Regulated financial advice, from a robot.
What AltFi believes to be the UK’s first fully-regulated digital independent financial adviser has launched, offering a blend of automated and human advice to employees of Unilever, Calvin Klein and the NHS.
MyEva, created by fintech Wealth Wizards, uses a web-app and chatbot interface to guide employees and individuals through a financial health check followed by personalised recommendations, including on workplace pension contributions, building up longer-term savings and investments.
Traditionally certified independent financial advice can cost £1,000s and is typically reserved for those with vast sums of private wealth.
“We hope MyEva will help usher in an era in which regulated financial advice is available not just to the wealthy but to everyone,” said Andrew Firth, the founder and CEO of Wealth Wizards.
MyEva is available directly for individuals as well as via certain employers, including North West London NHS Foundation Trust which beta-tested the service, and is supported by a team of human advisers to handle more complex advice situations.
“MyEva has been created with a personality that provides a supportive arm around the shoulders, nudging people to make better financial decisions that their future self will one day thank them for at an appropriate pace for all individuals, regardless of personal circumstances.”
Multiply, which earlier this year appointed Iwoca non-exec Jonathan Schneider as its chair, was earlier pitched to be the UK’s first regulated digital IFA, however its language has since been toned-down to cover “guidance” rather than regulated “advice”.
UPDATE 2019-07-04 - Clarified that MyEva is also available for consumers directly from its website.