The launch of Silo coincides with Killik & Co’s 30 year anniversary.
Wealth manager Killik has launched an app aimed at encouraging younger investors with smaller pots to invest their money.
Originally planned for launching 2017, Silo has been delayed in part due to the departure of a key developer.
The wealth management sector is becoming increasingly automated and Clem MacTaggart, Chief Operating Officer at Killik & Co, says over the next few years, the firm’s intention is to transform the Killik & Co business.
“We aim to achieve this through the build and licensing of new technologies. We are acutely aware that our industry is changing as a result of both new disruptive technology and, most importantly, a changing client need.”
“Our ultimate aim is to have a technology stack that is able to support our existing business, with the scope to expand to a new set of services and users. These will include intelligent savings, new branch concepts, stronger integration, business risk mitigation and much more. Silo is just one step on this journey.”
Silo offers three different ways to save. These routes are:
Monthly recurring Silos – users can contribute via Direct Debit from as little as £25 a month
Intelligent Silos – users can link their bank account to the app, which, using AI-powered algorithms, studies their spending habits, calculates how much they can afford to set aside each day and makes investments on their behalf
Silo Ad Hoc Boosts – ‘Boosting’ in-app enables users to add money to their funds anytime. Users are easily able to withdraw money from Silo anytime at no cost.